Aliko Dangote, has confirmed that the group plans to take its fertiliser business public in 2028, while joking about social media posts from Nigerians who recently became shareholders in the Dangote Petroleum Refinery.
Dangote disclosed the planned listing during an interview at the Qatar Economic Forum on Sunday while discussing the group’s ownership structure and efforts to bring more investors into its businesses.
He said the group had traditionally operated without external partners but was now looking to expand its investor base.
“We have actually everything we do by ourselves. We don’t have partners,” Dangote said, adding that the group was now looking to bring a large number of people in as partners through its businesses.
The billionaire also referenced the wave of humorous posts by Nigerians who bought shares in the ongoing Dangote Petroleum Refinery initial public offering (IPO).
Some retail investors have jokingly presented themselves on social media as executives, co-founders and partners of the refinery after purchasing shares, with some even creating certificates and posts suggesting that they were entitled to participate in company decisions.
Dangote joined in on the joke when he was asked about the new shareholders.
“You must have seen that they’ve been calling me now for a board meeting,” he said.
The comments come as the refinery’s share offer continues to generate interest among Nigerian retail investors and has been promoted as a “people’s IPO”.
Dangote confirms 2028 fertiliser IPO
Beyond the refinery share offer, Dangote confirmed that the group’s fertiliser business is also being prepared for a public listing.
Asked whether the fertiliser company would eventually be listed, he responded in the affirmative and described it as potentially becoming the world’s largest fertiliser company.
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When asked about the expected timeline, Dangote said the IPO would take place in 2028.
Dangote Fertiliser currently operates a $2.5 billion fertiliser plant in Ibeju-Lekki, Lagos, with an annual production capacity of about three million tonnes of urea.
The group has also announced plans to significantly increase its fertiliser production capacity, targeting about 12 million tonnes annually by 2028 through expansion of its Nigerian operations and a proposed plant in Ethiopia.
The planned IPO would give members of the public an opportunity to invest directly in the fertiliser business if the listing proceeds as announced.
For now, the 2028 timeline represents the latest public indication from Dangote on when the fertiliser business could be taken to the stock market.
The development comes as the Dangote Petroleum Refinery’s IPO continues to draw attention from Nigerian investors seeking ownership stakes in one of the group’s major businesses.