Aliko Dangote, Nigeria’s leading industrialist, is pushing ahead with plans to list Dangote Petroleum Refinery & Petrochemicals in what could become Africa’s largest initial public offering (IPO), with a target to raise up to $5 billion.
The share sale, expected to open as early as May, could value the company between $40 billion and $50 billion, positioning it as one of the most significant capital market events in the continent’s history.
The offer is projected to cover between 5 per cent and 10 per cent of the refinery’s equity, creating an entry point for both local and international investors into Africa’s largest refining project.
Market stakeholders say the IPO could deepen liquidity and broaden participation across African capital markets, while also serving as a model for cross-border listings.
To support the offering, the Nigerian Exchange Group and the African Securities Exchanges Association recently convened industry leaders to explore frameworks for wider investor access across multiple markets.
A consortium of advisers has been appointed to manage the deal, including Stanbic IBTC Capital for international placements, Vetiva Capital Management for local retail distribution, and FirstCap for institutional investors.
Located in the Ibeju-Lekki Free Zone, the refinery is the world’s largest single-train crude processing facility, with capacity of about 650,000 barrels per day.
Since commencing operations in 2024, it has begun transforming fuel supply dynamics across Africa, expanding exports to multiple countries and reducing reliance on imported petroleum products.
The facility also produces up to three million metric tonnes of urea fertiliser annually, supporting agricultural productivity, while expansion plans target increased output of polypropylene for manufacturing industries.
The project continues to attract major financing support, including backing from the African Export-Import Bank, which underwrote $2.5 billion of a $4 billion syndicated loan.
Beyond production, the refinery has created over 150,000 direct and indirect jobs and is expected to significantly boost Nigeria’s economy. Estimates suggest it could raise non-oil GDP and strengthen foreign exchange earnings as output scales.
The company is expected to file its prospectus in April, followed by an investor roadshow ahead of the public offer. Shares could begin trading on the Nigerian Exchange between June and July, subject to regulatory approvals.
The planned IPO is widely viewed as a defining moment for Africa’s financial markets, showcasing the continent’s growing capacity to mobilise large-scale investment and finance transformative industrial projects.
