Africa’s richest man, Aliko Dangote, has announced plans to sell a 10 per cent stake in the $20 billion Dangote Petroleum Refinery through a Pan-African Initial Public Offering (IPO) expected in 2026.
Dangote disclosed this during an event organised by the Atlantic Council in Washington DC, noting that the move is aimed at attracting long-term investment and boosting participation in African capital markets.
He added that shareholders would receive dividends in US dollars after the listing, although financial details of the offer are yet to be released.
The 650,000-barrel-per-day refinery, the largest in Africa, recently reached full operational capacity and has begun playing a stronger role in global fuel supply chains, including increased exports of jet fuel to Europe.
To support the planned IPO, Dangote Group has appointed Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap as advisers for the transaction.
Dangote also revealed a broader expansion strategy involving about $40 billion investment over the next five years.
The plan includes increasing refinery output, quadrupling fertiliser production, and expanding into mining projects such as potash and phosphate in the Democratic Republic of Congo, as well as copper refining in Zambia.
According to energy consultancy Wood Mackenzie, the refinery is already operating profitably, with strong international demand driving rising export volumes.
Diesel exports reportedly increased in April, while gasoline shipments fluctuated due to shifting market conditions.
The planned IPO is expected to further integrate the refinery into global energy markets while strengthening Nigeria’s position as a major refining hub.