Dangote Refinery Shares to Hit NGX by June–July 2026, Nigerians to Buy in Dollars or Naira

Nigerians are expected to gain direct investment access to the $20 billion Dangote Refinery between June and July 2026, as plans to list the facility on the Nigerian Exchange gather momentum.

Aliko Dangote, Chairman of the Dangote Group, told PulseNets that citizens would be able to purchase shares in the Lagos-based refinery within the next four to five months. The disclosure came during a high-level visit by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) and senior officials to the refinery complex in Lekki, Lagos.

During the engagement with NNPCL delegates, Dangote reaffirmed that preparations were in advanced stages for the refinery’s listing on the Nigerian Stock Exchange (NGX), a move designed to broaden local participation in one of Africa’s largest industrial projects.

“But individually, Nigerians too will have an opportunity in the next maximum four or five months— they will actually be able to buy their shares,” Dangote stated.

He further indicated that the investment structure would allow Nigerian shareholders to choose their preferred dividend currency, reflecting the refinery’s foreign exchange inflows.

“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn in dollars,” he added.

PulseNets learnt that NNPCL currently maintains a 7.25 percent equity stake in the Dangote Refinery on behalf of the Federal Government of Nigeria.

The refinery had previously announced its intention to pursue listing on NGX as part of its broader capital market strategy, aimed at deepening domestic ownership and strengthening Nigeria’s downstream oil and gas sector.

Also Read: Imported Petrol Now Cheaper Than Dangote Refinery Fuel as Landing Cost Drops to ₦839.97

The latest development follows an executive directive issued by President Bola Ahmed Tinubu mandating the direct remittance of oil revenues into the Federal Government account. The policy shift reportedly altered several revenue channels previously retained by NNPCL, intensifying fiscal reforms within Nigeria’s petroleum industry.

With the planned public offering, market analysts anticipate heightened activity on the Nigerian Stock Exchange, as retail and institutional investors position for potential participation in the Dangote Refinery share sale.