The President of the Dangote Group, Aliko Dangote, has said Nigerians will soon be able to invest directly in the Dangote Refinery, describing the move as part of efforts to broaden public ownership of the project.
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Dangote made this known on Saturday while speaking with journalists during a tour of the facility by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, alongside members of the NNPC board and executive management team.
According to him, plans are underway to allow individuals to purchase shares in the refinery within the next four to five months.
“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” Dangote said.
The industrialist noted that NNPC currently holds a minority stake in the refinery on behalf of Nigerians.
“They are holding 7.25 per cent of the shares that we have here… and they are holding that on behalf of Nigerians,” he said.
Dangote added that investors would have flexibility in how they receive dividends from their investments.
“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” he said.
Beyond public investment, the billionaire businessman said the refinery would deepen collaboration with NNPC to strengthen operations and explore additional opportunities across the oil and gas value chain.
“I think the sky is the limit and we (NNPC and Dangote Refinery) will cooperate and also make sure that we work together to make sure that we make Nigerians proud,” he said.
On potential upstream partnerships, Dangote said discussions were ongoing.
“Most likely, depending on our own discussions with them, we will partner with them, maybe in some of the upstream. They, too, will partner with us here because here is not a refinery. It’s an industrial hub,” he stated.
He also disclosed that new industrial projects within the complex, including the production of linear alkylbenzene used in detergents, would position the facility as a key supplier across Africa.
“That raw material for detergent will be sufficient for the entire African continent… and we will deliver all this in the next 30 months,” he added.
Meanwhile, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, said Nigerians should be grateful for the leadership and inspiration of billionaire businessman Aliko Dangote, describing the Dangote Petroleum Refinery as a symbol of technological audacity and national pride.
Ojulari spoke while addressing journalists during the landmark visit to the Dangote Petroleum Refinery alongside members of the NNPC board and executive management team. The visit marked the first official tour of the refinery by the senior management of the state-owned energy company. The 650,000 barrels-per-day facility is regarded as Africa’s largest and most modern refinery, with NNPC holding a seven per cent equity stake.
Commending Dangote’s vision and commitment, Ojulari said the scale of the project reflects bold leadership that has positioned Nigeria prominently on the global energy map.
“Nigerians should be grateful for the leadership and the inspiration of Alhaji Dangote and the Dangote Group for what my colleague called the audacity to embark on such a huge project,” he said.
The NNPC boss noted that while he had previously reviewed reports and watched videos of the refinery, seeing the facility firsthand offered a deeper appreciation of its sophistication.
“I have spent time, I’ve watched the videos of these facilities, I’ve watched all sorts of reports on the facilities, there’s nothing like being here physically to actually see things for yourself. What we are seeing here is what I’d call the front line of world-class technology,” Ojulari stated.
Addressing concerns that had trailed the refinery’s “single train” configuration, a design sometimes viewed with caution due to operational risks, Ojulari said the plant’s advanced architecture and built-in redundancies ensure high availability.
“When you hear ‘single train’, the largest single train in the world, if you’re not familiar with the details, you’ll be very worried. And everybody was worried. I was also worried. But coming here and seeing the architecture of the plant and the redundancy that has been built into the plant, what you see is that the plant has been built in such a way that despite being single train, it has an incredibly high availability. So, the perception of the old designs, the old designs do not enjoy the level of technology that you see here.
“Why is this possible? Now, it’s clear to me that it’s possible because it is taking advantage of the best of technology, both digital technology, AI technology, as far as advanced electronics and mechanical systems as well. So, it’s an impressive facility.”
Ojulari also expressed pride in the refinery’s performance, revealing that it had exceeded its projected capacity.
“It’s also important to say that I feel really proud as a Nigerian standing next to Alhaji because this plant has now been tested to its full capacity, above its full capacity.
“What we saw on the screen today, which excited me, is 661. This plant was supposed to be 650. None of us ever thought it would ever touch even 550. So, seeing it live and the parameters we are seeing are live parameters, they’re not parameters that have been reported or photographs that have been written anywhere. I think every Nigerian should be proud that such an edifice is actually in Nigeria,” he said.
He added that plans were underway to expand the facility through a replication model aimed at doubling its capacity while reducing capital and operational costs.
“The next thing that also excites me is that Alhaji is not stopping there, and we as NNPC, being a very proud shareholder, and I would say even prouder today than I was yesterday, is embarking on the expansion of these facilities. And what that means is what we call replication.
“Replication is when you design something which you already know you’ve made all the mistakes and then you just design one, build two, build three, build four.
“So, what Alhaji has briefed us today, which excites us, is that the expansion of the plant is in hand, which means that we will double the capacity of this plant by just replicating exactly what is on ground, and then leveraging all common facilities that you don’t have to rebuild again, which means that replication will be coming at a much lower CAPEX. Not only CAPEX, it also means that with the synergies of the operation, your unit operating cost becomes much lower, so you have a more efficient facility,” he added.
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