ABUJA, Nigeria (VOICE OF NAIJA)-President of the Dangote Group, Alhaji Aliko Dangote, is seeking a valuation of $50bn for the Dangote Petroleum Refinery & Petrochemicals ahead of a proposed stock market listing later this year, Bloomberg has reported.
Dangote is said to be positioning the refinery, which began operations in 2024, at a $50bn valuation.
According to Bloomberg, the company may offer up to a 10 per cent stake on the Nigerian stock exchange, translating to a potential deal worth around $5bn.
A senior executive within the Dangote Group confirmed that the estimated valuation reflects the company’s present internal projections but declined to disclose further details about the proposed transaction.
The planned listing comes amid rising global crude oil prices and increasing domestic fuel demand, factors that have strengthened the commercial prospects of the 650,000 barrels-per-day refinery, which has continued to expand its influence in Nigeria’s downstream oil sector.
Bloomberg reported on Monday that Dangote is preparing a landmark cross-border public offering of his $20bn refinery in a move expected to transform African capital markets and widen regional investor participation.
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Under the proposal, shares of Dangote Petroleum Refinery and Petrochemicals would be listed on several African stock exchanges, making it the first pan-African initial public offering of such magnitude.
Details of the arrangement emerged after a meeting held in Lagos between Dangote and chief executives of multiple African stock exchanges operating under the African Securities Exchanges Association.
The Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, who participated in the meeting, revealed that discussions focused on creating a cross-border listing structure that would enable investors across Africa to acquire stakes in the refinery.
“The plan is to structure a pan-African IPO,” Mwiti said after the meeting, noting that the initiative would require coordination among exchanges to ease regulatory barriers and facilitate seamless trading across jurisdictions
A spokesman for the Dangote Group confirmed that the meeting was held but declined to comment further on the structure and timeline of the proposed listing.
The development follows Dangote’s earlier announcement that about 10 per cent of the refinery would be listed on the Nigerian Exchange Group in 2026, a strategy seen as aimed at unlocking value and widening the company’s investor base.
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To coordinate the offering, Dangote has appointed a team of financial advisers, including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited.
Chief Executive Officer of FirstCap, Ukandu Ukandu, confirmed the appointments, stating that the advisers had already commenced work on the transaction structure.
Analysts noted that a multi-exchange listing could boost liquidity across African capital markets while strengthening Nigeria’s position as a hub for cross-border investments, especially as the country seeks re-entry into the FTSE Russell Frontier Markets Index.
They also stated that the offering could generate additional capital to support Dangote’s ambitious expansion plans.
At present, the refinery, regarded as the world’s largest single-train facility, processes 650,000 barrels per day.
Dangote, however, plans to increase capacity to 1.4 million barrels per day within the next three years, placing it alongside major global refining facilities, including those linked to Indian billionaire Mukesh Ambani.
To finance the expansion, the company recently secured support from the African Export-Import Bank, which underwrote $2.5bn of a $4bn syndicated financing facility.