Africa’s richest industrialist, Aliko Dangote, is planning to list about 10 percent of his flagship refinery on multiple African stock exchanges in what could become one of the largest cross-border public offerings on the continent.
The proposed listing will involve Dangote Petroleum Refinery and Petrochemicals and is aimed at raising fresh capital to fund a broader expansion strategy across the group’s industrial operations.
Dangote disclosed that the refinery will offer dividends in U.S. dollars after the initial public offering, a move designed to attract both domestic and foreign investors seeking currency stability and returns tied to export revenues.
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The planned share sale forms part of a wider financing push linked to an ambitious $40 billion expansion programme expected to span the next five years, covering increased refining capacity, petrochemicals, fertiliser production, and new mining investments.
Industry analysts note that the transaction is likely to be structured as a pan-African listing, with a primary offering expected on the Nigerian Exchange and additional access across other African bourses.
This approach is expected to deepen capital market integration and broaden investor participation across the continent.
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The refinery, valued at about $20 billion and currently operating at around 650,000 barrels per day, is the largest single-train facility globally and a central pillar of Nigeria’s downstream oil sector.
If executed, the multi-exchange IPO would mark a significant shift in African capital markets, setting a precedent for cross-border listings and large-scale project financing within the region.
Source: Nairametrics
