Alhaji Aliko Dangote is preparing for a major stock market listing of the Dangote Petroleum Refinery & Petrochemicals, with the company targeting a valuation of about $50 billion ahead of its planned public offering later this year.
According to reports by Bloomberg, the refinery company may sell up to 10 per cent of its shares on the Nigerian stock market, a move that could raise around $5 billion from investors. A senior official within the Dangote Group confirmed that the estimated valuation matches the company’s current expectations, although further details about the transaction were not disclosed.
The refinery, which began operations in 2024, has quickly become one of the biggest players in Nigeria’s downstream oil sector. Industry observers say the improving outlook for the business is being supported by stronger global crude oil prices and rising local demand for fuel products.
The planned listing is expected to become one of the biggest public offerings ever seen in Africa’s capital market. Beyond Nigeria, Dangote is also exploring a broader strategy that could allow investors from different African countries to buy shares in the refinery through multiple stock exchanges across the continent.
Bloomberg revealed that Dangote is working on what could become Africa’s first major pan-African Initial Public Offering (IPO). The initiative is expected to encourage greater regional investment participation and strengthen financial cooperation among African markets.
Discussions about the cross-border listing reportedly took place during a meeting in Lagos attended by Dangote and chief executives of several African stock exchanges operating under the African Securities Exchanges Association.
Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, said the talks focused on creating a framework that would make it easier for investors across Africa to participate in the refinery’s ownership.
Mwiti explained that the proposed IPO would require cooperation among African exchanges to reduce regulatory challenges and support easier trading of shares across borders.
A spokesperson for the Dangote Group confirmed that such discussions took place but did not reveal the timeline or final structure of the offering.
Earlier, Dangote had announced plans to list around 10 per cent of the refinery on the Nigerian Exchange Group in 2026 as part of efforts to attract more investors and unlock additional value from the business.
To manage the transaction, the company has appointed several financial advisers, including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited.
The refinery currently processes 650,000 barrels of crude oil per day, making it the world’s largest single-train refinery. However, Dangote plans to increase production capacity to 1.4 million barrels per day within the next three years.
The expansion would place the refinery among the largest refining operations globally, competing with facilities owned by Indian billionaire Mukesh Ambani.
To support the expansion plans, the refinery recently secured major financial backing from the African Export-Import Bank, which provided $2.5 billion as part of a larger $4 billion syndicated financing arrangement.
Analysts believe the planned IPO could reshape Africa’s investment landscape, improve liquidity in regional stock markets, and strengthen Nigeria’s position as a leading hub for cross-border investments.
