Africa’s richest man reveals that Nigerians can own a piece of Dangote’s oil fortune

Following accusations of the Aliko Dangote preference for foreign partnerships, Africa’s richest man recently announced that Nigerians would soon be able to own shares in the Dangote Refinery.

• Aliko Dangote announced plans to list the Dangote Refinery on the stock exchange to enable Nigerians to become shareholders.
• Speaking at a conference in Abuja, he emphasized fostering partnerships with African governments and institutions to refine petroleum locally.
• Dangote highlighted the company’s LPG production as an initiative to promote clean cooking in Nigeria.

Dangote made the announcement while speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, which was co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights.

According to the millionaire businessman, plans are already in the works to list the refinery on the stock exchange, allowing Nigerians, both individuals and institutions, to participate and profit from the facility’s potential long-term gains.

“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders. We are open to partnerships with African governments, private investors, and regional institutions. Our vision is simple but ambitious,” Dangote stated.

“Africa should refine all the petroleum products it consumes right here on the soil of Africa.”

As reported by the Punch, Dangote emphasized the company’s liquefied petroleum gas investment, claiming it was done to promote clean cooking in Nigeria.

“With our LPG production of 2,500 tonnes per day, we’re working to encourage more homes to increase the LPG consumption or utilisation, and we’re just getting started,” he stated.

Recent criticism of the Dangote Oil Refinery

This move is coming a few days after Nigerian shipowners expressed concern that the Dangote refinery is using ships from Angola to transport its crude and finished products, rather than Nigerian-owned vessels.

Prior to that, some other players in Nigeria’s oil sector cited the refinery’s restrictive sale methods as a reason why there are complications in the supply chain.

This issue was touched on by Olufemi Adewole, Executive Secretary of DAPPMAN, who stated that Dangote’s business practices do not help most local marketers, particularly small enterprises that rely on flexible coastal supply networks.

However, the Punch’s report notes that Dangote, who chose to operate in Nigeria, called out those with the means to invest in the country but choose to take their investments elsewhere.

“Let me take this opportunity to address concerns around monopoly and dominance. 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. Adding little to Nigeria’s real economy or Africa’s economy,” he said.

“We have chosen to bet on Nigeria and will continue to do so. So, we should not allow dumping to destroy our manufacturing base like what it did in so many other industries, like textiles and others,” he added.

The Nigerian billionaire further explained that if investors are serious, they ought to be permitted to construct refineries.

“Others should be encouraged to build refineries if they are serious. I think encouraging other people to build refineries is the job of the NMDPRA and also the government,” he said.