President of the Nigeria-based Dangote Group, Aliko Dangote, has unveiled plans to introduce an innovative dividend structure for his $20 billion oil refinery when it lists on the Nigerian Exchange in 2026, allowing shareholders to receive returns in US dollars despite purchasing shares in naira.
He made the announcement on Thursday at the Eko Hotel in Lagos, stating that the company is working closely with the NGX and the Securities and Exchange Commission to finalise the framework ahead of the Initial Public Offering (IPO).
“You buy in naira, but you get dividends in dollars,” Dangote said, describing the model as a hedge against currency volatility for Nigerian investors.
He explained that the dollar-denominated payouts would be backed by $6.4 billion in projected revenue from petrochemical exports, particularly polypropylene and fertiliser.
The plan forms part of a broader growth strategy for the Dangote Group, which aims to increase revenues from the current $18 billion to $100 billion by 2030—potentially positioning the conglomerate among the world’s top 100 companies and targeting a market capitalisation of more than $200 billion.
Dangote also highlighted the company’s financial performance over the past five years, noting that revenues have risen from $3.3 billion to $18 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) have increased from $1.8 billion to $2.8 billion.
The industrialist confirmed that a 10% stake in the refinery and petrochemicals complex will be offered to the public through the NGX. He added that while international secondary listings are possible, the Nigerian market remains the priority.
“We want the Dangote Refinery to be the golden stock of the exchange,” he said.
The 650,000-barrel-per-day facility, which began producing diesel and aviation fuel in January and added petrol output in September, is considered central to Nigeria’s goal of achieving fuel self-sufficiency.
Dangote also announced plans to expand the refinery’s capacity to 1.4 million barrels per day within three years, more than doubling current output.
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