Dangote Confirms ADNOC, Govts, Other Investors Interested In Refinery

Aliko Dangote has confirmed that the Abu Dhabi National Oil Company and several governments are among investors interested in acquiring stakes in the Dangote Petroleum Refinery and Petrochemicals.

Dangote disclosed the development on Monday as the refinery moved closer to its planned initial public offering, which is expected to become Africa’s largest IPO.

The businessman said the refinery had attracted significant interest from strategic investors, including ADNOC, as the company seeks to broaden its ownership structure and raise funds for further expansion.

The disclosure comes as Dangote Refinery prepares for a major expansion that will increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029.

The expansion is expected to strengthen the refinery’s position in the international petroleum market and increase its ability to supply refined products to Nigeria and other African countries.

The refinery, located in the Lekki area of Lagos State, began operations in 2024 and has since become a major source of refined petroleum products for the Nigerian market.

Dangote’s latest comments also come amid preparations for the company’s public share offering. The planned IPO is expected to offer 4.1 billion shares at ₦525 each, potentially raising about ₦2.15tn, or approximately $1.6bn.

The offer is scheduled to open on September 14 and close on October 13, with the shares expected to begin trading later in the year.

Dangote has said proceeds from the share sale will help finance the refinery’s expansion and other related investments.

The refinery has already reached full operating capacity and is increasingly supplying refined products to markets outside Nigeria. Its expansion would more than double its current capacity and position it among the world’s largest refining facilities.

The interest from ADNOC and other strategic investors could provide additional international participation in the refinery while strengthening its financial capacity for the planned expansion.

Dangote also disclosed plans to expand his petroleum business beyond Nigeria, including the development of a new refinery in Kenya.

The latest development comes as the Dangote Group seeks to attract broader domestic and international participation in its energy business while positioning the refinery as a major African refining and petroleum-products hub.