Nigerians are 5 months away from owning a piece of Dangote’s fortune

Africa’s richest man, Aliko Dangote, announced plans to allow Nigerians to purchase shares in his newly constructed refinery. The announcement came during a press tour of the facility on Saturday, which included key figures from the Nigerian National Petroleum Company Limited (NNPC).

Dangote’s Real Reason for Listing His Refinery

Dangote stated that individual Nigerians will have the opportunity to buy shares in the refinery within the next four to five months. This move builds upon an existing stake held by the NNPC, which currently owns 7.25% of the refinery’s shares on behalf of Nigerian citizens.

According to Dangote, shareholders will have the option to receive dividends in either naira or dollars, reflecting the refinery’s earnings in U.S. Currency. He indicated a willingness to allow significant public ownership, stating he would not cap the percentage of shares available for purchase, even if Nigerians acquired as much as 55% of the company.

Dangote also confirmed that the share offering extends to Nigerians living outside of the country. The refinery, valued at over $20 billion, represents a major development for Nigeria’s energy sector.

Frequently Asked Questions

When will Nigerians be able to buy shares?

According to Dangote, Nigerians will be able to buy shares in the refinery within the next maximum of four or five months.

What percentage of the refinery does the NNPC currently own?

The Nigerian National Petroleum Company Limited (NNPC) currently owns 7.25% of the shares in the refinery, holding them on behalf of Nigerians.

Can Nigerians receive dividends in dollars?

Yes, shareholders will have the choice of receiving dividends in either naira or dollars, as the refinery earns revenue in U.S. Dollars.

What impact might increased public ownership have on the future development of Nigeria’s energy infrastructure?