Dangote Refinery to Roll out IPO Features Dollar-Denominated Dividends in Landmark NGX Listing
The President of Dangote Group, Aliko Dangote, has announced a groundbreaking dividend model ahead of the highly anticipated Initial Public Offering (IPO) of the conglomerate’s $20 billion oil refinery scheduled for 2026.
Under the new structure, investors who purchase shares in naira on the Nigerian Exchange (NGX) will have the option to receive dividends in US dollars.
Dangote made the disclosure on Thursday during a presentation at Eko Hotel in Lagos, noting that the proposed model first of its kind on the NGX has entered advanced discussions with the Exchange and the Securities and Exchange Commission (SEC).
“You buy in naira, but you get dividends in dollars,” he explained, describing the approach as a strategic hedge against Nigeria’s persistent currency volatility and an incentive to attract a broader mix of retail and institutional investors.
According to Dangote, the dollar payouts will be backed by strong export earnings from the refinery and petrochemical complex, which is projected to generate $6.4 billion annually from petrochemical sales, including polypropylene and fertiliser.
The announcement forms part of Dangote Group’s wider expansion blueprint, which aims to grow its revenue base from the current $18 billion to $100 billion by 2030, a trajectory that could place the conglomerate among the world’s top 100 companies by market size.
The company is also targeting a market capitalisation above $200 billion, a milestone that would significantly elevate Nigeria’s position on the global corporate map.
Dangote highlighted the company’s steady financial progression over the last five years. Revenues surged from $3.3 billion to $18 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased from $1.8 billion to $2.8 billion, signalling strong fundamentals ahead of the listing.
As part of the IPO, a 10 per cent stake in the refinery and petrochemicals division will be floated on the NGX, cementing the listing as one of the largest in Nigerian corporate history.
While the possibility of secondary listings on international exchanges remains open, Dangote stressed that the Nigerian market will take priority to ensure local participation.
The Dangote Refinery, which is expected to be Africa’s largest and one of the world’s most advanced, has been widely projected to transform fuel supply on the continent and reduce Nigeria’s dependence on imported petroleum products.
The upcoming IPO is now seen as a defining moment not only for the Dangote Group but also for Nigeria’s capital market, with analysts projecting heightened investor interest driven by the dollar-denominated dividend incentive.
