Aliko Dangote has announced a dollar-based dividend structure for the Dangote Group’s $20 billion refinery, which will list on the Nigerian Exchange (NGX) in 2026. Investors will buy shares in naira but receive dividends in U.S. dollars.
Speaking on Thursday at Eko Hotel in Lagos, he said the company is working with the NGX and the Securities and Exchange Commission to complete the framework. He explained that the structure will help investors manage currency volatility.
Additionally, Dangote said the company will support the dividend plan with $6.4 billion in annual export revenue, mainly from polypropylene and fertiliser sales from the petrochemicals unit.
IPO Size, Revenue Ambition, and Financial Track Record
Dangote confirmed that the group will list 10% of the refinery and petrochemicals complex on the NGX in 2026. He added that the company may consider secondary international listings. However, he emphasised that Nigeria remains the priority. “We want the Dangote Refinery to be the golden stock of the exchange,” he said.
He also outlined the group’s broader plan. Revenue will grow from $18 billion to $100 billion by 2030, which could place the conglomerate among the world’s top 100 companies. It may also lift its market capitalisation above $200 billion.
Furthermore, he reviewed the group’s recent performance. Revenue increased from $3.3 billion to $18 billion in the past five years. During the same period, EBITDA rose from $1.8 billion to $2.8 billion.
Current Output and Planned Capacity Expansion
The refinery processes 650,000 barrels per day, supplying diesel, aviation fuel, and petrol. According to Dangote, the refinery remains central to Nigeria’s long-term fuel security goals.
He also announced a major upgrade plan. The company aims to raise total capacity to 1.4 million barrels per day within three years, which would more than double current output and rank the facility among the world’s largest refining hubs.