Dangote Petroleum Refinery is considering a secondary listing on a United States stock exchange within the next three to four years, following its ongoing share sale in Nigeria.
Aliko Dangote, founder of the Dangote Group, disclosed the plan at the launch of the refinery’s Initial Public Offering (IPO) in Lagos.
He said the company was looking at listing outside Africa, with the US identified as the most likely destination.
The refinery’s Chief Financial Officer, Bruce Tanner, had also indicated that the company would pursue international secondary listings after increasing its production capacity.
The planned US listing would come as the refinery works to expand its daily production capacity from 700,000 barrels to 1.4 million barrels by early 2029.
The current IPO is targeting $1.6 billion in fresh capital, with the possibility of raising more if demand exceeds the number of shares initially offered. Funds raised are expected to support the refinery’s expansion plans.
Tanner said the company had previously considered listing the shares on several African stock exchanges but abandoned the plan because of the regulatory requirements and timelines involved in different markets.
He added that some institutional investors that were expected to participate in a pan-African offering have instead invested through the current Nigerian IPO.
The refinery, which began operations in September 2024, currently has a capacity of 700,000 barrels per day, making it larger than any operating refinery in the United States.
If the planned expansion is completed, the facility would become the world’s largest refinery by capacity, surpassing India’s Jamnagar refinery.
Dangote Refinery has also been expanding its focus beyond Nigeria, with plans for a second refinery in Kenya. The two projects are expected to require about $30 billion in combined investment.
The company reported $13.9 billion in revenue for the first half of 2026 and expects sales to increase as additional refining capacity comes on stream.
Meanwhile, Dangote Cement, another company within the group, is also planning to list its shares on the London Stock Exchange, according to the report.
