By Anuoluwapo Aremu
Dangote Group is set to list 10% of its $20 billion refinery on the Nigerian Exchange (NGX) in 2026, with plans to pay dividends in US dollars. This move is part of the company’s broader strategy to expand its operations and increase revenue.
The dollar-denominated dividends will be underpinned by a projected $6.4 billion in export earnings, largely from petrochemicals, including polypropylene and fertilizer. This will provide a consistent hard currency supply needed to sustain the payout framework.
Aliko Dangote, President of Dangote Industries Limited, has expressed confidence in the company’s growth trajectory, targeting group revenues of $100 billion by 2030, up from the current $18 billion. The company also aims to achieve a market capitalization exceeding $200 billion, positioning itself among the world’s 100 largest companies
The refinery, with a processing capacity of 650,000 barrels per day, is central to Nigeria’s drive for energy independence. Dangote plans to expand capacity to 1.4 million barrels per day within three years, more than doubling current output.
The listing is expected to be one of the most significant market events in Nigeria’s history, potentially reshaping investor expectations and setting a new benchmark for corporate payouts. The company is working closely with the NGX and the Securities and Exchange Commission (SEC) to finalize the structure for the proposed initial public offering (IPO).
This move is seen as a bold step by Dangote to attract investors and provide a hedge against currency volatility, offering shareholders a unique opportunity to invest in Nigeria’s energy sector with dollar-denominated returns .
