President of Dangote Group, Aliko Dangote, has announced plans to eventually list all businesses operated by the Dangote Group on the stock market, as part of efforts to broaden public ownership and create more opportunities for investors.
Dangote made the disclosure in an interview with Al Jazeera, while discussing the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
The businessman said the refinery’s IPO was not primarily designed to raise money for the company. Instead, he said the objective was to allow ordinary Nigerians and other investors to own part of the business and benefit from its future growth.
According to him, the idea is to allow people who may not have previously had access to large industrial investments to become shareholders.
Dangote explained that once businesses have been successfully established and become profitable, opening them up to public ownership can allow more people to participate in the wealth created by those companies.
He said the Dangote Group intends to apply the same approach to its other businesses.
“Every single company now that we are operating will end up listing it to make sure that the society at large are part owners of all these investments,” Dangote said.
He specifically mentioned businesses including fertiliser and smaller companies within the group as potential candidates for future listings.
Dangote also disclosed that the group expects its fertiliser business to become one of the world’s largest urea producers by 2028. The planned public listings, he said, would help make the wider society part owners of the group’s investments.
The announcement comes as Dangote Petroleum Refinery is currently conducting a major IPO on the Nigerian Exchange. The offer consists of 4.1 billion ordinary shares at N525 per share, with the total offer valued at about N2.15 trillion if fully subscribed. The minimum subscription is 10 shares, valued at N5,250.
The refinery’s IPO opened on September 14, 2026, and is scheduled to close on October 13, according to the approved offer timetable.
The Securities and Exchange Commission has advised prospective investors to obtain information about the IPO only through official and approved channels and to carefully study the prospectus before making investment decisions.
Dangote said shareholders in the refinery would also receive dividends in dollars because, according to him, the refinery generates its income in dollars.
He added that broader listings could strengthen corporate governance within the Dangote Group by introducing greater public participation and additional scrutiny into the operations of its companies.
Beyond Nigeria, Dangote said the planned listings could allow Africans in different countries to participate in the ownership of businesses operated by the group.
The group is also pursuing a major expansion of the Dangote Refinery. BusinessDay reported on Monday that the refinery plans to increase its crude-processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029. The company is also considering a future listing on a United States stock exchange after completing the expansion.
Dangote’s latest disclosure therefore points to a broader capital-market strategy for the conglomerate, with the Nigerian Exchange expected to serve as an important platform for bringing more of its businesses to the public.
The move could give retail and institutional investors opportunities to participate in different sectors of the Dangote Group, including refining, fertiliser, cement and other industrial businesses.
For the Nigerian capital market, the proposed listings could also increase the number and size of major companies available to investors, while expanding public participation in large-scale Nigerian businesses.
