The Digest:
Aliko Dangote, CEO of Dangote Group, has announced that Nigerians will be able to purchase shares directly in the Dangote refinery within the next four to five months. Speaking during a tour of the facility by NNPC GCEO Bayo Ojulari, Dangote revealed that shareholders will have the option to receive dividends in either naira or dollars, as the refinery earns foreign currency. He noted that NNPC currently holds 7.25 percent shares in the refinery on behalf of Nigerians, describing the stake as "more than the shares Elon Musk has in Tesla." Dangote praised the strengthened relationship with NNPC's new management, stating, "The sky is the limit." He also announced plans to partner with NNPC in the upstream sector and revealed the refinery will produce 400,000 tons of linear alkyl benzene for detergent manufacturing, enough to supply the entire African continent, within the next 30 months.
Key Points:
- Share offering democratises ownership of Africa's largest refinery.
- The dollar dividend option provides a hedge against naira volatility for investors.
- Nigerians gain the opportunity to benefit directly from the refinery's success.
- This signals Dangote's commitment to local ownership and transparency.
- The timing, with NNPC stake increase talks, boosts investor confidence.
Sources: Channels Tv, Vanguard
