Aliko Dangote, president of Dangote Group, has announced plans to introduce an unprecedented dividend structure for his $20 billion oil refinery when it lists on the Nigerian Exchange next year, allowing shareholders to earn returns in US dollars despite purchasing shares in naira.
Dangote disclosed the arrangement during an address in Lagos on Thursday, saying the company is collaborating with the NGX and the Securities and Exchange Commission to finalise the framework ahead of the 2026 initial public offering.
“You buy in naira, but you get dividends in dollars,” Dangote told the audience at Eko Hotel, describing a model that could provide Nigerian investors with a hedge again
According to Dangote, the dollar-denominated payouts will be supported by $6.4 billion in anticipated revenue from petrochemical exports, particularly polypropylene and fertiliser, he explained.
The announcement forms part of a broader growth strategy that sees the Dangote Group projecting revenues of $100 billion by 2030, up from the current $18 billion.
