What Africans are saying as $20bn Dangote refinery set to hit stock market

The announcement has sparked widespread debate across Africa, coming amid criticism that the billionaire industrialist favours foreign partnerships over local participation in Nigeria’s energy sector.

“At the moment, our main interest is to list on the exchange, so that every living Nigerian can own part of the refinery,” Dangote said during the media parley.

He added that he is willing to significantly dilute his ownership if Nigerians and other investors take up a majority stake.

“Somebody asked me whether it is five or 10 percent that we want to sell. I said when we are going to sell the shares, we will not put a cap. If they happen to buy 55 percent and I own 45 percent, so be it,” he stated.

Asked whether the offer would extend to Nigerians living abroad, Dangote replied in the affirmative, reinforcing his vision of broad-based ownership.

He said widespread shareholding would give Nigerians a sense of ownership and a direct interest in the refinery’s long-term performance.

Mtaury Sigas Daglassy, a resident of Maputo, Mozambique, wrote on Facebook that Dangote’s approach should inspire other African business leaders.

“This businessman has a heart for enriching his countrymen. What a noble idea. This should be a blueprint for African entrepreneurs,” he said.

Some Nigerian commentators were more sceptical, with Philips Izunna arguing that structural challenges in Nigeria remain unresolved.

“Nice idea, but what happens if you help advise the federal government to make Nigeria a better place for everybody instead of enriching the rich more and more while the poor keep getting poorer?” he wrote, adding that it remains ironic that Nigeria relies on a privately owned refinery for fuel security.

Others focused on practical concerns, as Seun Oyatogun, another Nigerian commentator, called for dividends to be paid in local currency, writing, “Baba Dangote Industries, please we want our dividends in naira.”

Support also came from beyond Nigeria’s borders as Kuchukiwa Zaidi praised Dangote’s legacy, describing him as more impactful than recent political leadership and urging African unity around homegrown industrial success.

The Dangote Refinery, one of the largest single-train refineries in the world, is seen as a critical piece of Nigeria’s plan to reduce fuel imports and strengthen energy security.

If listed, it would become one of the most significant public offerings in Africa’s history, potentially reshaping how large-scale industrial assets are owned on the continent.