Africa’s Richest Man Says Planned Oil Refinery Listing Aims To Put Ownership In Nigerian Hands

Core Viewpoint - Nigerian billionaire Aliko Dangote plans to list his $20 billion oil refinery on the stock exchange to allow everyday Nigerians to become part-owners of this significant industrial project [1][2]. Group 1: Listing Plans - The refinery, with a capacity of 650,000 barrels per day, is the largest in Africa and aims to reduce fuel imports while enhancing domestic energy production [3]. - Dangote is not focused on maintaining a controlling stake and has indicated that there will be no fixed limit on the equity sold during the listing [3][4]. - The listing is intended to create long-term shared value, allowing citizens to benefit from the refinery's performance [1][4]. Group 2: Accessibility and Participation - The opportunity to invest will not be limited to wealthy individuals; even small investors can participate by purchasing as few as ten or twenty shares [4]. - Nigerians living abroad will also have the chance to invest, with dividends to be paid in U.S. dollars to accommodate a significant portion of the investor base [5]. Group 3: Vision and Legacy - Dangote views the refinery as a legacy project, emphasizing the importance of broad ownership for the benefit of all Nigerians [3][4]. - The broader vision includes refining petroleum products within Africa to reduce dependency on imports [7].