Aliko Dangote, chairman of the Dangote Group has announced that Nigerians will be able to purchase shares in his $20 billion refinery within the next four to five months.
Dangote disclosed this during a visit by the group chief executive officer of the Nigerian National Petroleum Company Limited and other top officials to the refinery complex in Lekki, Lagos.
The development follows an executive order by President Bola Ahmed Tinubu directing the direct remittance of oil revenues into the federal government’s account, a move said to have impacted income streams previously retained by NNPCL.
Meanwhile, Dangote said the facility would soon be listed on the Nigerian stock market, giving individuals the opportunity to participate in its ownership.
According to him, “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.
“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 further revealed that shareholders would have the option of receiving dividends in either naira or US dollars, given that the refinery earns foreign exchange.
NNPCL currently holds a 7.25 percent equity stake in the refinery on behalf of the Federal Government.
