Dangote Eyes Stock Listing for Refinery by 2026 to Broaden Ownership, Counter Monopoly Claims

Africa’s wealthiest man, Aliko Dangote, plans to list his sprawling Nigerian crude oil refinery on the stock exchange by the end of 2026, a move aimed at diversifying ownership and addressing growing monopoly concerns.

Speaking at the African Export-Import Bank’s annual general meeting in Abuja on Friday, Dangote also disclosed plans to list his conglomerate’s urea plant this year. The facility currently produces 2.8 million tonnes of urea annually.

The Lagos-area oil refinery, which processes 650,000 barrels of crude daily—making it Africa’s largest—has faced scrutiny from regulators and fuel marketers who accuse Dangote of monopolistic ambitions.

By floating shares through an initial public offering, the $20 billion refinery could attract institutional investors, including Nigeria’s state-run pension funds.

“It’s important to list the refinery so people won’t call us a monopoly,” Dangote said. “They’ll see we have shares, and everyone can participate.”

These monopoly concerns already forced the billionaire to abandon a proposed 5,000-tonne steel plant last year after commissioning the refinery.

Dangote also revealed that the group expects to generate $30 billion in revenue by 2026. He added that within four years, his company plans to surpass Qatar as the world’s leading exporter of urea. Currently, 37% of the facility’s urea output is shipped to the United States.

The refinery, operational since last year, produces petrol, diesel, aviation fuel, and naphtha.