The Dangote Group has announced plans to launch a landmark Pan-African Initial Public Offering (IPO), offering a 10 percent stake in its flagship refinery as part of a broader $40 billion expansion strategy.
The initiative was disclosed by Aliko Dangote, President and Chief Executive Officer of the group, during an event hosted by the Atlantic Council in Washington, D.C.
The proposed IPO will involve the $20 billion Dangote Refinery, one of the largest petroleum refining facilities in the world, with a processing capacity of 650,000 barrels per day. The share sale is expected to unlock value from the asset while broadening investor participation across Africa.
In a departure from conventional listings, the offering is designed as a multi-exchange IPO, allowing investors in Nigeria and other African markets to subscribe simultaneously. The move is seen as a step toward strengthening regional capital market integration.
To execute the transaction, Dangote Group has appointed a consortium of financial advisers, including Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd..
According to Dangote, the IPO forms a key part of the group’s long-term growth strategy, with proceeds earmarked for expanding refining operations, increasing fertilizer production capacity, and developing mining projects across Africa. Planned ventures include potash and phosphate plants in the Democratic Republic of Congo and copper refining operations in Zambia.
He noted that the refinery, now operating at full capacity, has become a strategic supplier in global energy markets, including exports of jet fuel to Europe.
As part of efforts to attract investors, the company plans to pay dividends in U.S. dollars, a feature expected to appeal to both local and international shareholders seeking protection against currency volatility.
While final details are yet to be confirmed, analysts estimate the offering could raise up to $5 billion, potentially making it the largest equity listing in Africa’s history.
The company is expected to file its prospectus later this month, followed by a roadshow in May, with a targeted listing on the Nigerian Exchange and other African bourses between June and July, subject to regulatory approvals.
The planned IPO comes as the Dangote Refinery continues to play a growing role in meeting Nigeria’s domestic fuel demand and boosting export capacity, positioning it as a key driver of the continent’s industrial and financial development.