Aliko Dangote, president of the Dangote Group, announced plans to offer dollar-denominated dividends to shareholders in the $20 billion oil refinery’s initial public offering on the Nigerian Exchange in 2026. Investors will buy shares in naira but receive payouts in US dollars, providing a shield against currency fluctuations. He revealed the strategy on Thursday at the Eko Hotel in Lagos.
Dangote’s team works closely with the Nigerian Exchange and the Securities and Exchange Commission to shape the IPO framework. The model draws strength from an expected $6.4 billion in annual revenue from petrochemical exports, including polypropylene and fertiliser. “You buy in naira, but you get dividends in dollars,” Dangote explained.
The group eyes explosive growth, targeting revenues of $100 billion by 2030 to join the world’s top 100 companies with a market capitalisation exceeding $200 billion. Over the last five years, revenues climbed from $3.3 billion to $18 billion, while earnings before interest, tax, depreciation, and amortisation rose from $1.8 billion to $2.8 billion. The IPO will float a 10 per cent stake in the refinery and petrochemicals complex, with possible secondary listings abroad, though Nigeria remains the focus.
Dangote envisions the refinery as the exchange’s standout asset. “We want the Dangote Refinery to be the golden stock of the exchange,” he said. The 650,000-barrel-per-day facility started producing diesel and aviation fuel in January and added petrol in September, advancing Nigeria’s quest for fuel independence. Plans call for doubling capacity to 1.4 million barrels per day within three years.
