Africa’s richest person, Aliko Dangote, announced plans to list his Nigerian crude oil refinery on the stock market by the end of 2026, aiming to broaden the company’s investor base and address monopoly allegations.
Speaking at the African Export-Import Bank’s annual general meeting in Nigeria’s capital on Friday, the billionaire also revealed plans to list his group’s urea plant this year, which produces 2.8 million tonnes of the crop nutrient annually.
The oil facility processes 650,000 barrels of crude daily, making it the continent’s largest refinery. However, Nigeria’s downstream regulator and fuel marketers have accused Dangote of seeking to establish a monopoly with his new refinery.
A stock listing through an initial public offering could attract investors, including state-owned pension funds, to the $20 billion facility.
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The Dangote Refinery, located outside Lagos’ commercial hub, became operational last year and currently produces aviation fuel, naphtha, diesel and petrol.
“It’s important to list the refinery so that people will not be calling us a monopoly,” Dangote explained. “They will now say we have shares, so let everybody have a part of it.”
The monopoly allegations have already affected Dangote’s expansion plans. The tycoon scrapped his proposal for a 5,000-tonne steel plant last year after completing the refinery, citing these accusations.
Earlier this year, Dangote indicated his group was on track to generate total revenue of $30 billion in 2026. Furthermore, he stated on Friday that the company plans to surpass Qatar as the world’s largest urea exporter within four years.
Currently, the facility exports 37% of its urea output to the United States.
