The President of the Dangote Group, Aliko Dangote, has revealed that plans are in motion to open up the Dangote Refinery to individual Nigerian investors, a move he said is aimed at expanding public participation in the multibillion-dollar project.
Dangote disclosed this on Saturday while addressing journalists during a guided inspection of the refinery by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, accompanied by members of the company’s board and senior management.
He stated that arrangements were being finalised to enable members of the public to acquire shares in the refinery within the next four to five months.
“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” Dangote said.
According to him, the NNPC presently owns a minority equity stake in the refinery on behalf of the Nigerian public.
“They are holding 7.25 per cent of the shares that we have here… and they are holding that on behalf of Nigerians,” he said.
Dangote further explained that prospective investors would be able to choose how they receive returns on their investments.
“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” he said.
Beyond the planned public share offering, the businessman noted that the refinery would strengthen its working relationship with NNPC to enhance operations and explore fresh opportunities throughout the oil and gas value chain.
“I think the sky is the limit and we [NNPC and Dangote Refinery] will cooperate and also make sure that we work together to make sure that we make Nigerians proud,” he said.
Speaking on possible collaboration in upstream operations, Dangote indicated that discussions were ongoing and that partnerships could extend in both directions.
“Most likely, depending on our own discussions with them, we will partner with them, maybe in some of the upstream. They, too, will partner with us here because here is not a refinery. It’s an industrial hub,” he stated.
He also announced that additional industrial ventures within the complex, including the manufacture of linear alkylbenzene used in detergent production, would position the facility as a major supplier across the African continent.
“That raw material for detergent will be sufficient for the entire African continent… and we will deliver all this in the next 30 months,” he added.
Post A Comment: