Dangote to Offer Nigerians Stake in $20bn Lekki Refinery

President of the Dangote Group, Alhaji Aliko Dangote, has announced that Nigerians will soon be able to own shares in his $20 billion refinery located in Lekki, Lagos State. The business mogul made the disclosure at the Global Commodity Insights Conference on West African Refined Fuel Markets, hosted in Abuja by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in collaboration with S&P Global Insights.

According to Dangote, plans are underway to list the refinery, giving ordinary Nigerians the opportunity to become shareholders. He also reaffirmed his readiness to collaborate with African governments, private investors, and regional institutions to strengthen the continent’s energy sector.

“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders,” he said. “We are open to partnerships. Our vision is simple but ambitious: Africa should refine all the petroleum products it consumes right here on the soil of Africa.”

He explained that the refinery’s objective goes beyond profitability; it also seeks to reduce Africa’s dependence on imported petroleum products and ensure energy security for the continent. As part of its efforts to promote clean cooking and better health in Nigerian homes, Dangote talked about the company’s investment in liquefied petroleum gas (LPG).

Addressing criticisms over alleged plans to monopolise the downstream sector, Dangote dismissed such claims, stating that those with the financial capacity to invest in Nigeria often choose to move their wealth abroad while offering little to the country’s economic development.

“Let me take this opportunity to address concerns around monopoly and dominance,” he said. “The reality is that too many people who have the means and the opportunity to contribute meaningfully to our nation’s growth choose instead to criticise from the sidelines while investing their wealth abroad.”

He stressed that his decision to build the refinery in Nigeria is a demonstration of faith in the country’s potential and a call to action for others to invest locally. “We have chosen to bet on Nigeria and will continue to do so. We must not allow dumping to destroy our manufacturing base, like what happened in the textile industry and other sectors,” he warned.

Dangote further encouraged competition in the sector, stating that other investors should be supported if they are serious about building refineries. He pointed out that it is the responsibility of the NMDPRA and the Nigerian government to create an enabling environment for such investments.

“Others should be encouraged to build refineries if they are serious,” he added. “Encouraging investors is the job of the NMDPRA and the government.”

With the impending public listing and his call for increased local investment, Dangote is positioning the refinery not only as a business venture but as a national asset intended to benefit Nigerians and promote industrial self-sufficiency across Africa.