Aliko Dangote plans to sell up to 10% of his multi-billion-dollar refinery and double its capacity to make it the world’s largest refining complex.
Africa’s richest man, Aliko Dangote, has announced plans to sell a minority stake in his multi-billion-dollar refinery and double its capacity, making it the world’s largest.
In an interview with S&P Global, Dangote said 5–10% of the refinery’s shares will be listed on the Nigerian Exchange within a year. “We don’t want to keep more than 65 percent–70 percent,” he said, adding that sales would depend on investor interest.
The refinery, currently producing 650,000 barrels per day (bpd), aims to reach 1.4 million bpd, surpassing India’s Jamnagar complex. Dangote revealed discussions with Middle Eastern partners to help finance the expansion and new petrochemical ventures.
Despite forecasts of a global refining surplus, Dangote insisted Africa must develop self-sufficiency. “Most African governments will not have the capacity to build a refinery,” he said.
The expansion follows recent operational challenges, including a temporary shutdown of its catalytic cracker, which has now been restored.