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Africa’s richest man and President of the Dangote Group, Aliko Dangote, has confirmed that the group plans to take its fertiliser business public in 2028.
Dangote made the disclosure during an interview at the Qatar Economic Forum on Sunday, where he discussed the ownership structure of his businesses and plans to bring more investors into the group. He said the group had historically operated without partners but was now seeking to bring in more investors.
“No, we have actually everything we do by ourselves. We don’t have partners. But that’s why we are now looking for all these massive number of people to now become our partners,” Dangote said.
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Dangote also acknowledged the wave of social media posts by Nigerians who recently bought shares in the Dangote Petroleum Refinery.
Some retail investors have jokingly portrayed themselves as co-owners, executives and board members of the refinery after the launch of its public share offer. The jokes have included mock certificates, titles such as “chief investment officer” and “co-founder and partner”, as well as humorous demands for company updates.
Reuters recently reported that the refinery’s IPO has generated a viral meme frenzy, with retail investors joking about their new status as shareholders and board members.
Asked about the trend, Dangote said: “You must have seen that they’ve been calling me now for a board meeting.”
The Dangote Petroleum Refinery public offer opened on September 14, 2026, with 4.1 billion ordinary shares offered at ₦525 each and a minimum subscription of 10 shares, or ₦5,250. The offer is scheduled to close on October 13.
Fertiliser Business to be Listed
When asked whether the group planned to carry out an IPO for its fertiliser business, Dangote confirmed that the company would also be listed.
“Oh, yeah, yeah. I mean, we will IPO it. It’s going to be the biggest fertilizer company on earth,” he said.
Asked about the timing, he replied: “Yes, it will be 2028.”
Dangote Fertiliser operates a major urea production facility in Ibeju-Lekki, Lagos, with an annual production capacity of about three million tonnes.
The group has also announced plans to expand its fertiliser production capacity significantly by 2028. Dangote previously said the expansion would raise urea output to about 12 million tonnes annually and help position the business among the world’s largest fertiliser producers.
The company’s 2024 sustainability report also outlined plans to expand production capacity through additional production trains by 2028 and prepare for a future IPO.
Dangote’s latest comments provide a new public timeline for the fertiliser business’s proposed listing.
The announcement comes as the refinery’s ongoing IPO attracts strong interest from Nigerian retail investors, with the public offer opening up part ownership of the business to members of the public.
