Billionaire founder of Dangote Group, Aliko Dangote, plans to sell a minority refinery stake.
Consequently, he aims to double its capacity, potentially creating the world’s largest refining complex.
Dangote told S&P Global that the plan mirrors strategies he used for cement and sugar.
Dangote To Sell Refinery Minority Stake
Therefore, the refinery will list 5–10% of shares on the Nigerian Exchange next year.
He explained, “We don’t want to keep more than 65–70%,” adding that sales will stage gradually.
Additionally, the company seeks partnerships with Middle Eastern firms to fund expansion and new ventures.
Expansion Plans
Dangote emphasised, “Building elsewhere costs too much.
Here, the infrastructure already exists and saves money.”
Lekki refinery already hosts the world’s largest crude distillation unit and a dedicated port.
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By year-end, the refinery will raise capacity from 650,000 barrels per day to 700,000 barrels.
Ultimately, he wants 1.4 million barrels per day, surpassing India’s largest refinery in scale.
Engineers plan to build a second refinery with a vacuum distillation unit to increase yields.
Furthermore, the company will expand polypropylene capacity from 1 million to 1.5 million tonnes annually.
Africa’s Energy Future
Despite global oversupply warnings, Dangote insists Africa must reduce dependence on imported fuel.
He added that high interest rates and zero infrastructure make building refineries extremely challenging.
Operations have stabilised after technical issues, as the company restarted a catalytic cracker in September.
Moreover, crude-for-naira swaps and upstream assets will add 40,000 barrels per day to supply.
Through these moves, Dangote opens Africa’s energy sector to investors, marking a new growth era.
