Investors Eye Dollar Dividends as Dangote Lists Refinery Stake on NGX

Aliko Dangote has unveiled a major plan to list 10% of his $20 billion refinery on the Nigerian Exchange in 2026, marking one of the most significant steps toward opening the refinery’s ownership to the investing public. He also revealed that the company is working with regulators to allow future dividend payments in US dollars, a move aimed at providing shareholders with a hedge against persistent currency fluctuations.

Speaking at the unveiling of the Dangote Vision 2030 strategy in Lagos, he explained that discussions are underway with the Nigerian Exchange and the Securities and Exchange Commission to finalise the structure for the planned IPO. According to him, shareholders will buy shares in naira but receive their dividends in dollars, supported by regulatory approvals.

The Vision 2030 event coincided with the launch of the Aliko Dangote Foundation’s new N100 billion Annual Education Scholarship Initiative, which aims to expand access to education and empower students nationwide. The programme further strengthens the foundation’s long-standing focus on human capital development.

Dangote noted that the dollar-dividend model will be backed by strong export earnings from the group’s petrochemical and fertiliser operations. He projected that these export streams, expected to generate about $6.4 billion, will provide the hard currency needed to sustain dollar-based payouts across Dangote Cement, Dangote Refinery and Dangote Fertiliser.

He added that the primary focus is to list on the NGX, although secondary listings in other markets remain a possibility in the future. He said the goal is to make the refinery the “golden stock” of the Exchange.

The plan forms part of a broader expansion roadmap that targets increasing group revenues to $100 billion by 2030, up from about $18 billion currently. Dangote also aims for a market capitalisation of more than $200 billion by 2030, which would position the conglomerate among the world’s 100 biggest companies.

The refinery, which currently produces diesel, aviation fuel and petrol, remains central to Nigeria’s energy independence ambitions. Dangote disclosed plans to raise capacity from 650,000 barrels per day to 1.4 million barrels per day within three years, more than doubling current output.

Market analysts say the proposed listing and dollar-dividend structure could become one of the most transformative events in Nigeria’s capital market, potentially reshaping investor sentiment and setting new standards for corporate payouts.