National Wire About Nigerians, Nigerian Business and Other Stories
The Dangote Group has announced plans to list the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) in 2026, allowing Nigerians to own a stake in the company.
This move is part of the company’s strategy to deepen investor participation and align with global corporate governance standards.
Addressing the press on Sunday, Alahji Aliko Dangote, President of the Dangote Group, he said the refinery’s listing will provide Nigerians with an opportunity to become part-owners and benefit from the company’s long-term value.
The company plans to sell between 5% and 10% of its shares, with the goal of retaining no more than 65% to 70% ownership.
Speaking on expansion of the company, he said work would commence immediately and would position the refinery ahead of India’s Jamnagar Refinery, currently the world’s largest.
“We are expanding the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day. Upon completion, this will make it the largest refinery in the world, surpassing the Jamnagar Refinery in India,” Dangote said.
Dangote explained that the expansion project would create about 65,000 jobs, 85 per cent of which would go to Nigerians.
He added that the refinery would upgrade its production to Euro VI fuel standards, aligning with the highest global environmental benchmarks.
“With this expansion, the refinery transitions from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks,” he stated.
Dangote further revealed that power generation at the facility would be increased from 500 megawatts to 1,000 megawatts as part of the project.
He also announced plans to list the refinery on the Nigerian Stock Exchange in 2026, giving Nigerians an opportunity to become shareholders.
Dangote expressed appreciation to President Bola Tinubu for his continuous support of the refinery project, noting that the expansion was expected to be completed within three years.
“The expansion is expected to be completed in three years,” he said.
Check Also
