Nigeria’s Dangote Group is progressing with plans to sell a 10 percent stake in its 650,000 barrels per day refinery through a Pan African Initial Public Offering IPO slated for 2026.
The development was disclosed by the Group’s founder and Chief Executive Officer, Aliko Dangote, during an event organised by the Atlantic Council in Washington DC.
He explained that the proposed share sale is intended to support long term investments while broadening participation in African capital markets.
According to him, Dangote Petroleum Refinery and Petrochemicals FZE will distribute dividends to shareholders in US dollars after listing, although specific financial details of the IPO have not yet been disclosed.
Dangote further noted that Stanbic IBTC Capital Ltd, Vetiva Advisory Services Ltd, and FirstCap Ltd have been appointed as advisers for the transaction.
The planned offering forms part of a wider strategy to invest about 40 billion dollars over the next five years to expand operations across refining, fertiliser production, and mining activities across Africa.
He indicated that the expansion drive will include a significant increase in fertiliser output, scaling up refining capacity, and the development of potash and phosphate projects in the Democratic Republic of Congo, alongside copper refining initiatives in Zambia.
Dangote also stated that the refinery, the largest on the continent, has recently reached full operational capacity, benefiting from heightened global demand amid supply disruptions tied to tensions in the Middle East.
He added that the facility is increasingly serving as a key supplier of jet fuel to Europe, strengthening its role in international energy markets and boosting Nigeria’s position in global refining and export value chains.
Also speaking, Alan Gelder, Senior Vice President at Wood Mackenzie, described the refinery as highly profitable, pointing to strong demand across various product segments.
He highlighted that diesel exports increased to about 79,500 barrels per day in April from 73,600 in March, while gasoline shipments declined to 50,100 barrels per day from nearly 102,400 previously.