Speaking at an event in Lagos on Thursday, Dangote, president of the Dangote Group, said the company is working with the NGX and the Securities and Exchange Commission to structure the dividend payments. The initial public offering, scheduled for 2026, will allow investors to buy stakes in naira while receiving returns in hard currency.
You buy in naira, but you receive dividends in dollars,
Dangote told attendees. He added that the payouts would be backed by $6.4 billion in expected revenue from petrochemical exports, including polypropylene and fertilizers.
Dangote also outlined ambitious growth plans for his conglomerate. He projects that group revenue will rise from $18 billion to $100 billion by 2030, a leap he said would place the company among the world’s top 100 firms. The group also targets a market capitalization exceeding $200 billion. Over the past five years, revenues have grown from $3.3 billion to $18 billion, while EBITDA (earnings before interest, taxes, depreciation, and amortization) increased from $1.8 billion to $2.8 billion.
Nigeria-focused IPO
The company intends to float a 10% stake in its refinery and petrochemicals complex on the NGX. While secondary international listings remain an option, Dangote emphasized that the primary focus is on the domestic market.
We want Dangote Refinery to become the flagship stock of the exchange,
he said. The 650,000-barrel-per-day refinery, which began producing diesel and aviation fuel in January and petrol in September, is central to Nigeria’s strategy to end its reliance on imported fuel. Dangote also plans to more than double the facility’s capacity to 1.4 million barrels per day within three years. The Dangote Group already controls three listed companies in Lagos Dangote Sugar Refinery, NASCON Allied Industries, and Dangote Cement, the latter being one of the exchange’s most valuable firms.
