The Dangote Group is progressing with plans to sell a 10% stake in its $20 billion, 650,000-barrel-per-day refinery through a groundbreaking Pan-African Initial Public Offering (IPO) slated for 2026. This announcement was made by Alhaji Aliko Dangote during an event hosted by the Atlantic Council in Washington, D.C., on Thursday.
He stated that the proceeds from the share sale would drive long-term investments and encourage greater participation in Africa’s capital markets. He further revealed that shareholders of Dangote Petroleum Refinery and Petrochemicals FZE would receive dividends in U.S. dollars post-listing, though specific financial details of the IPO have yet to be disclosed.
In preparation for the offering, the company has engaged Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. as financial advisers.
The share sale aligns with Dangote’s broader vision of investing approximately $40 billion over the next five years to enhance operations in refining, fertilizer production, and mining ventures across Africa. Key components of this expansion plan include quadrupling fertilizer production, significantly increasing refining capacity, and establishing potash and phosphate plants in the Democratic Republic of Congo, along with copper refining projects in Zambia.
Dangote also noted that the refinery, the largest in Africa at 650,000 barrels per day, has recently achieved full operational capacity. This milestone comes amid international supply disruptions linked to heightened tensions in the Middle East, which have amplified global demand for its petroleum products.
Additionally, the refinery has emerged as a critical supplier of jet fuel to Europe, strengthening its role in international energy markets and boosting Nigeria’s position within global refining and export networks.
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