Nigeria: Dangote Plans 10% Refinery Listing on African Stock Exchanges

Aliko Dangote, the owner of largest private-owned oil refinery in Africa, has unveiled plans to list about 10% of his oil refining company on multiple stock exchanges in the continent. 

According to him, this is part of efforts to raise funding for the next phase of expansion across his industrial empire.

The move will apply to Dangote Petroleum Refinery and Petrochemicals FZE, with the business tycoon confirming that the company will pay dividends in dollars to shareholders after the planned initial public offering (IPO).

Speaking in a brief media chat in Washington on Thursday, Dangote said the company has already engaged advisers for the listing, including Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap, as preparations advance for what could become one of Africa’s largest energy sector listings.

The billionaire said the listing is expected to involve around 10 per cent of the company, although final details are still being worked out.

“We will list as much as possible, maybe 10 per cent or so,” he stated, but failed to disclose valuation details to the media as of press time. 

In his words, the refinery is expected to pay dollar-denominated dividends after the IPO and the expert advisers appointed include Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap.

The share sale is part of a broader $40 billion expansion programme spanning oil refining, fertiliser production, and other industrial investments over the next five years.

Dangote also outlined plans to expand into new resource-based industries across the continent, particularly in mineral-rich markets. 

This means that refining capacity in the mega refinery is expected to more than double over the same period while new projects are planned in the Democratic Republic of Congo and Zambia, including potash, phosphate, and copper refining facilities.

He said the group is targeting sectors where Africa continues to face infrastructure and investment gaps. The announcement comes as the 650,000-barrels-per-day refinery continues to scale operations and deepen its presence in global fuel markets.

The refinery has reached full operational capacity after ramp-up challenges and has become a growing supplier of diesel and jet fuel to Africa and Europe.