The Dangote Group has announced plans to sell a 10 per cent stake in its $20 billion, 650,000-barrel-per-day refinery through a Pan-African Initial Public Offering (IPO) scheduled for 2026.
The announcement was made by Aliko Dangote during an event organised by the Atlantic Council in Washington, DC. He explained that the proposed share sale is aimed at supporting long-term investments while also boosting participation in African capital markets.
According to him, Dangote Petroleum Refinery and Petrochemicals will pay dividends to shareholders in dollars after the listing, although specific financial details of the IPO were not disclosed.
Dangote further revealed that Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. have been appointed as advisers for the transaction.
He noted that the share sale forms part of a broader strategy to invest about $40 billion over the next five years to expand operations across refining, fertiliser production, and mining ventures across Africa. The expansion plan includes increasing fertiliser output, boosting refinery capacity, and establishing potash and phosphate plants in the Democratic Republic of the Congo, alongside copper refining projects in Zambia.
Dangote also disclosed that the refinery, currently the largest in Africa, has reached full operational capacity. This milestone coincides with global supply disruptions linked to tensions in the Middle East, which have increased demand for its petroleum products.
He added that the facility has become a key supplier of jet fuel to Europe, strengthening its role in international energy markets and enhancing Nigeria’s position in global refining and export chains.
Also speaking, Alan Gelder, Senior Vice President of refining, chemicals, and oil markets at Wood Mackenzie, described the refinery as highly profitable. He attributed this to rising export volumes and strong demand across multiple product segments.
Gelder noted that diesel exports increased to about 79,500 barrels per day in April, up from 73,600 in March, while gasoline shipments declined to 50,100 barrels per day from nearly 102,400 previously.
