The Dangote Group is advancing plans to offer a 10 per cent stake in its 20 billion dollar, 650,000-barrel-per-day refinery through a Pan-African Initial Public Offering in 2026. The move was confirmed by Aliko Dangote during an event hosted by the Atlantic Council in Washington DC.
Dangote said the share sale would help fund long-term expansion and deepen capital market participation across Africa. The refinery, operated by Dangote Petroleum Refinery and Petrochemicals FZE, is expected to pay dividends in dollars after listing. Specific financial terms of the offering have not been disclosed.
The company has appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. as advisers for the IPO. Dangote said the plan forms part of a broader strategy to invest around 40 billion dollars over five years in refining, fertiliser production, and mining ventures across the continent.
Expansion plans include quadrupling fertiliser output, significantly increasing refinery capacity, and building potash and phosphate plants in the Democratic Republic of Congo, alongside copper refining projects in Zambia. The refinery, Africa’s largest, recently reached full operational capacity, a milestone that coincided with global supply disruptions linked to Middle East tensions, boosting demand for its products.
The facility has also become a key supplier of jet fuel to Europe, strengthening Nigeria’s role in global refining and export chains. Senior vice president of refining, chemicals, and oil markets at Wood Mackenzie, Alan Gelder, said the refinery is highly profitable, citing rising export volumes and strong demand across multiple product segments. Data showed 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.
