Dangote Group plans to sell a 10 per cent stake in its $20 billion refinery through a Pan-African IPO, a move expected to deepen capital markets and expand African industrial investment.
ABUJA, Nigeria – Dangote Group is advancing plans to sell a 10 per cent stake in its $20 billion petroleum refinery through a landmark Pan-African Initial Public Offering (IPO) scheduled for 2026.
President of the group, Aliko Dangote, disclosed the move during an event organised by the Atlantic Council in Washington, D.C.
Dangote said the planned share sale would support long-term investments while broadening African participation in regional capital markets.
According to him, Dangote Petroleum Refinery and Petrochemicals FZE intends to pay dividends to shareholders in dollars after listing, although detailed financial terms of the offer were not disclosed.
He added that Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. have been appointed as advisers for the transaction.
Dangote said the IPO aligns with a broader strategy to invest about $40 billion over the next five years to scale operations in refining, fertiliser production, and mining across Africa.
The expansion roadmap includes plans to quadruple fertiliser output, increase refining capacity, establish potash and phosphate plants in the Democratic Republic of Congo, and launch copper refining projects in Zambia.
The 650,000-barrel-per-day refinery, regarded as Africa’s largest, has reportedly reached full operational capacity.
Dangote noted that the milestone coincided with supply disruptions linked to tensions in the Middle East, boosting global demand for the refinery’s products.
He said the facility has also become an important supplier of jet fuel to Europe, strengthening Nigeria’s relevance in global refining and export markets.
Also speaking, Alan Gelder, senior vice president of refining, chemicals and oil markets at Wood Mackenzie, described the refinery as highly profitable.
He cited growing export volumes and strong market demand across product categories.
According to market data referenced at the event, diesel exports rose to about 79,500 barrels per day in April from 73,600 in March, while gasoline shipments declined to 50,100 barrels per day from nearly 102,400 previously.
The planned IPO is expected to rank among the most significant capital market transactions in Africa, potentially opening a new chapter for industrial financing and cross-border investment on the continent.
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