LAGOS, Nigeria(VOICE OF NAIJA)- Business empire, Dangote Group is preparing a 10 percent stake sale in its $20 billion refinery through a landmark Pan-African Initial Public Offering (IPO) set for 2026, a move aimed at expanding investment capacity, boosting African capital markets, and strengthening global energy trade links.
Founder of the group, Aliko Dangote disclosed the development on Thursday during an event organized by the Atlantic Council in Washington, D.C., explaining that the planned share sale from its 650,000-barrel-per-day refinery is designed to attract long-term investment while deepening participation in African capital markets.
According to Dangote, the company has appointed Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited as advisers for the proposed share offering.
He said the listing of Dangote Petroleum Refinery and Petrochemicals FZE would allow the company to pay dividends in U.S. dollars, although he did not release specific pricing or valuation details for the IPO.
Dangote added that the IPO forms part of a broader expansion strategy involving about $40 billion in investments over five years, targeting growth across refining, fertilizer production, and mining operations across Africa.
He explained that the expansion plan includes increasing fertilizer production fourfold, significantly boosting refinery output, and developing potash and phosphate facilities in the Democratic Republic of Congo, alongside copper refining projects in Zambia.
READ ALSO: I Paid £400 On A Dating Site And Met A Bus Driver — DJ Cuppy
He also noted that the refinery, currently Africa’s largest with a capacity of 650,000 barrels per day, has reached full operational output at a time of global supply disruptions linked to geopolitical tensions in the Middle East, which have strengthened demand for its products.
Dangote further stated that the facility has become a key supplier of jet fuel to Europe, reinforcing Nigeria’s role in global energy supply chains while expanding its export footprint.
Meanwhile, industry analyst and Senior Vice President for Refining, Chemicals, and Oil Markets at Wood Mackenzie, Alan Gelder, described the refinery as highly profitable, citing strong global demand and rising export performance.
He noted shifts in product flows, stating that diesel exports increased to about 79,500 barrels per day in April from 73,600 in March, while gasoline exports dropped to 50,100 barrels per day from nearly 102,400 in the previous month.
Notably, the planned IPO is expected to position the Dangote Refinery as one of the most closely watched energy listings in Africa, while reinforcing its influence in global fuel markets and investment flows.
(NAN)
