Aliko Dangote, president of Dangote Group, said Europe owes Nigeria gratitude for helping keep its aircraft operating under President Bola Ahmed Tinubu. He spoke on Monday as the Dangote Refinery’s initial public offering began trading on the Nigerian Exchange Limited.
Quick facts
- The refinery’s IPO is valued at N2.15 trillion, equivalent to $1.6 billion.
- The offer covers 4.1 billion ordinary shares.
- Each share has a nominal value of $0.000013 and is offered at N525.
- The transaction is aimed at 10 million Nigerian investors.
- Dangote Refinery has been Europe’s biggest jet-fuel supplier since August 2026.
Dangote said the refinery became Europe’s leading jet-fuel source in August and has continued to sell out through September. He said all available output had been exhausted, with remaining supplies reserved for the Nigerian market.
“Europe should genuinely appreciate Nigeria, under President Tinubu, for keeping its planes in the air,” Dangote said, stressing that the statement was not rhetorical. He added that the refinery had no additional jet fuel available for export after meeting demand in August and September.
The IPO places the refinery’s equity value at N2.15 trillion, or $1.6 billion. Its share sale consists of 4.1 billion ordinary shares priced at N525 each, with the company seeking participation from as many as 10 million Nigerian investors.
