The President of the Dangote Group, Aliko Dangote, has unveiled plans to offer an innovative dividend structure for his US$20 billion oil refinery when it lists on the Nigerian Exchange in 2026, allowing shareholders to receive returns in US dollars despite purchasing shares in naira.
Dangote made the announcement on Thursday at Eko Hotel in Lagos, stating that the company is working closely with the NGX and the Securities and Exchange Commission to finalise the framework ahead of the Initial Public Offering.
“You buy in naira, but you get dividends in dollars,” Dangote said, describing the model as a hedge against currency volatility for Nigerian investors.
He explained that the dollar-denominated payouts would be supported by $6.4 billion in projected revenue from petrochemical exports, particularly polypropylene and fertiliser.
The plan is part of a broader growth strategy for the Dangote Group, which aims to increase revenues from US$18 billion currently to US$100 billion by 2030, potentially positioning the conglomerate among the world’s top 100 companies and targeting a market capitalisation above $200 billion.