Dangote Group has appointed Zedcrest Securities as a joint stockbroker for the planned initial public offering (IPO) of Dangote Petroleum Refinery, signaling further progress toward what is expected to be one of the largest listings in Africa’s capital market history.

The appointment adds Zedcrest Securities to the team of market operators working on the refinery’s proposed public offering on the Nigerian Exchange (NGX). The transaction is expected to attract significant interest from both local and foreign investors due to the refinery’s scale and strategic importance to Nigeria’s energy sector.

Industry estimates suggest the refinery could offer up to 10 percent of its shares to investors, with the company targeting a valuation of between $40 billion and $50 billion. The IPO could potentially raise about $5 billion, making it one of the biggest equity offerings ever undertaken on the continent.

Located in Lagos, the refinery has become a major player in Africa’s downstream oil industry. With a processing capacity of about 650,000 to 700,000 barrels per day, it is widely regarded as the world’s largest single-train refinery and has drawn growing attention from investors as plans for a public listing advance.

Zedcrest Securities said its selection for the transaction highlights the firm’s increasing role in Nigeria’s capital market and reflects confidence in its ability to support large and complex financial deals. Market observers also view the appointment as a sign of the company’s growing influence in the execution of major investment transactions.

The refinery’s planned IPO is expected to deepen activity on the Nigerian stock market by expanding investment opportunities and increasing market capitalization. Analysts have described the offering as a landmark transaction that could reshape the scale and depth of Africa’s capital markets.