Aliko Dangote is pushing ahead with plans to list Dangote Petroleum Refinery & Petrochemicals in what could become Africa’s largest initial public offering, with the company aiming to raise up to $5 billion by selling 5 to 10 per cent of its equity at a valuation estimated between $40 billion and $50 billion. The shares are expected to debut on the Nigerian Exchange Group, with discussions ongoing around potential cross-listings on other African exchanges to broaden investor access and deepen regional capital markets.
The IPO is being positioned as a model for cross-border capital mobilisation, supported by advisers including Stanbic IBTC Capital and Vetiva Capital Management. The refinery, located in Ibeju Lekki, processes about 650,000 barrels per day and is already reshaping fuel supply across Africa, reducing Nigeria’s dependence on imported refined petroleum products and creating the potential for export earnings. Analysts say the listing could significantly boost liquidity on the NGX, attract foreign portfolio inflows, and strengthen Nigeria’s transition toward becoming a net exporter of refined products.
The scale of the proposed offering would dwarf previous landmark listings on the continent. A successful $5 billion IPO would not only provide Dangote with growth capital but also send a powerful signal about the maturity of Nigerian capital markets and their capacity to absorb large-scale transactions. For the NGX, the listing would add a significant new weight to its index, potentially attracting passive investment flows from global funds that track emerging market indices.
