Dangote refinery targets multi-billion-dollar pan-African share listing

Africa, Business

LAGOS, Nigeria (NPA) — Aliko Dangote is advancing plans to float shares of the $20 billion Dangote Petroleum Refinery and Petrochemicals across several African stock exchanges in what could become one of the continent’s largest public offerings.

The proposed listing is expected to deepen regional capital market integration while expanding African ownership of major industrial assets.

Industry sources said the company is considering a primary listing on the Nigerian Exchange Group alongside broader access for investors through other African exchanges, including the Johannesburg Stock Exchange, Nairobi Securities Exchange, Ghana Stock Exchange, Ethiopian Securities Exchange, and the Bourse Régionale des Valeurs Mobilières.

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The refinery, regarded as Africa’s largest single industrial project, currently processes 650,000 barrels of crude oil per day and has significantly altered Nigeria’s fuel supply chain while also exporting refined products to neighbouring countries.

Financial advisers handling the transaction reportedly include Stanbic IBTC Capital, Vetiva Capital Management, and FirstCap.

Market projections indicate the company could offer between five and 10 per cent equity to investors, with the fundraising target estimated at up to $5 billion.

Sources familiar with the process said documentation for the public offering could be filed as early as April, followed by investor engagements and roadshows in May ahead of a possible listing between June and July 2026.

Analysts say the move could redefine how large-scale African infrastructure and industrial projects are financed by opening participation to pension funds, retail investors, and institutional players across the continent.

The planned share sale is also expected to support further expansion of the refinery and fertiliser businesses as the group seeks additional long-term capital for future projects.

Observers believe a successful cross-border listing could encourage more African companies in sectors such as mining, infrastructure, manufacturing, and renewable energy to pursue regional fundraising strategies.

The development comes amid growing efforts by African governments to reduce dependence on imported petroleum products and strengthen regional energy security.