British government David Chook is getting ready for what he describes as an intense few months as Dangote Petroleum Refinery and Petrochemicals strikes nearer to a possible inventory market debut that would rank among the many largest listings in Nigeria’s historical past.
Chook, the CEO of the $20 billion refinery owned by Africa’s richest man, Aliko Dangote, stated April is shaping as much as be a demanding interval as advisers, bankers and attorneys step up work forward of a deliberate preliminary public providing on the Nigerian Trade this 12 months. “I’ve been warned that my April will probably be extraordinarily busy,” Chook stated. “I shouldn’t be planning holidays at the moment.”
This comes as Dangote accelerates preparations to checklist a portion of the 650,000-barrel-per-day facility, which sits on the outskirts of Lagos and has already begun reshaping Nigeria’s gasoline commerce. Whereas the ultimate construction remains to be being refined, Chook stated the purpose is evident: give on a regular basis Nigerians an opportunity to personal a part of the enterprise, not simply giant establishments. The plan includes an preliminary placement with institutional buyers, adopted by a suggestion to retail shareholders.
Dangote refinery charts inclusive possession
David Chook took on the top job in August 2025, a transfer that signaled Dangote’s intention to carry worldwide working expertise to a undertaking that has lengthy been central to Nigeria’s financial ambitions. Earlier than becoming a member of the group, Chook spent 14 years at Shell, together with senior roles on large-scale power tasks. He was vice chairman at Prelude FLNG, Shell’s $12 billion floating liquefied pure fuel undertaking linked to Australia, and later helped steer the Duqm refinery in Oman by commissioning and take a look at operations in 2023.
Dangote himself has been open concerning the itemizing plans. In an interview with S&P World final October, he stated the corporate expects to sell between 5 percent and 10 percent of the refinery, including that he intends to retain a controlling stake of 65 to 70 p.c, with shares launched over time relying on demand. Whereas a overseas itemizing stays an possibility, he careworn that Nigeria would be the major market. “We wish the refinery to be the golden inventory of the alternate,” he stated.
The Dangote Group is designing the providing to draw each native and worldwide buyers, in line with additional particulars. Dangote stated the group is working intently with the Nigerian Trade and the Securities and Trade Fee to make sure the construction meets regulatory necessities. One key characteristic beneath dialogue would permit buyers to purchase shares in naira whereas receiving dividends in dollars, supported by projected annual export income of about $6.4 billion from petrochemicals similar to polypropylene and fertilizer.
Dangote Refinery scales output, exports
The mega $20 billion refinery and petrochemical advanced is already having a measurable influence. Constructed as Africa’s largest single-train petroleum refinery, it started operations in 2024 at 350,000 barrels a day and now processes about 650,000 barrels every day. Output is predicted to rise to 700,000 barrels by late 2025. Its diesel and jet gasoline exports have helped flip Nigeria right into a web exporter of these merchandise, easing strain on the nation’s foreign-exchange market.
Growth plans are additionally taking form. Dangote has signed agreements, together with one with Honeywell, overlaying licensing and engineering for a brand new 750,000-barrel-per-day facility adjoining to the present plant. If accomplished, whole capacity would reach 1.4 million barrels per day, surpassing India’s Jamnagar refinery. Firm estimates counsel the expanded advanced may generate as a lot as $55 billion in annual income and sharply scale back Nigeria’s gasoline import invoice, strengthening the nation’s foreign-exchange reserves.
