The Dangote Petroleum Refinery has attracted interest from Abu Dhabi National Oil Company and several other strategic investors seeking to acquire stakes in the facility.
Dangote Group President and Chief Executive, Aliko Dangote, confirmed the development in Lagos on Monday, but said details of the potential investments could not yet be made public because of confidentiality agreements with the interested parties.
According to Dangote, the interest extends beyond ADNOC, with some governments also participating in the investment discussions.
He said the strong demand reflected growing confidence in the refinery, pointing to an earlier private placement in which investors sought significantly more shares than the company initially planned to sell.
Dangote explained that the company had originally targeted $1bn from private investors but received commitments worth about $3.7bn. It eventually accepted approximately $2.5bn and refunded the balance.
He expressed confidence that the broader share offering would attract substantial demand once it opens to a wider pool of investors.
The businessman also dismissed suggestions that the refinery’s planned share sale was driven by the ongoing geopolitical tensions in the Middle East.
Dangote said the company’s financial projections were prepared using normal market conditions rather than temporary gains arising from international crises. He argued that disruptions linked to conflicts in the Middle East and the Russia-Ukraine war would eventually ease and should therefore not form the basis of the refinery’s long-term business strategy.
He described the refinery as a multigenerational investment expected to operate for several decades.
Dangote further clarified that the planned share offering was not primarily designed to raise fresh capital. He said the refinery was already generating strong cash flows and had previously secured funding through bonds and private placements.
Instead, he said the company wants to broaden ownership by allowing more Africans to participate in the refinery’s growth.
Dangote said the target was to attract as many as 10 million shareholders from Nigeria, across Africa and potentially other parts of the world.
He explained that even small investors would be welcome, saying the initiative was intended to give ordinary Africans an opportunity to benefit from the growth of major businesses rather than leaving ownership concentrated among a few investors.
The Dangote Group chief said the wider objective was to create long-term wealth and encourage African entrepreneurs to invest in businesses contributing to the continent’s industrial development.
He added that the group intends to expand local processing and reduce Africa’s dependence on exporting raw materials for processing elsewhere.
Dangote said the refinery and other businesses being developed by the group could become major engines of industrialisation and wealth creation across the continent.
