- the proposed share sale is aimed at attracting long-term investment while boosting participation in Africa’s capital markets
- He further stated that the 650,000-barrel-per-day refinery, currently the largest in Africa
- He noted that diesel exports increased to about 79,500 barrels per day in April
Dangote Group is advancing plans to offer 10 percent of its $20 billion refinery to investors through a major Pan-African Initial Public Offering (IPO) expected in 2026.
Eko Hot Blog gathered that this was disclosed by Aliko Dangote during a forum hosted by Atlantic Council in Washington, D.C., on Thursday.
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According to Dangote, the proposed share sale is aimed at attracting long-term investment while boosting participation in Africa’s capital market.
He noted that once listed, Dangote Petroleum Refinery and Petrochemicals FZE will distribute dividends to shareholders in U.S. dollars, although further financial details were not provided.
He also revealed that Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. have been engaged as advisers for the planned IPO.
Dangote explained that the offering forms part of a broader strategy to invest about $40 billion over the next five years to expand operations across refining, fertiliser production, and mining activities throughout Africa.
The expansion agenda includes significantly increasing refinery output, boosting fertiliser production capacity fourfold, and developing potash and phosphate facilities in the Democratic Republic of Congo, alongside copper processing projects in Zambia.
He further stated that the 650,000-barrel-per-day refinery, currently the largest in Africa, has recently reached full operational capacity.
This milestone coincided with supply disruptions caused by tensions in the Middle East, which have driven stronger global demand for its petroleum products.
Dangote added that the refinery has become an important supplier of jet fuel to Europe, strengthening its presence in international energy markets and enhancing Nigeria’s role in global refining and export chains.
Also speaking, Alan Gelder of Wood Mackenzie described the refinery as highly profitable, citing rising export volumes and strong demand across several product categories.
He noted that diesel exports increased to about 79,500 barrels per day in April, up from 73,600 barrels per day in March. Meanwhile, gasoline exports dropped to around 50,100 barrels per day, compared to nearly 102,400 barrels per day in the previous period.
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