Africa’s richest businessman, Aliko Dangote, is preparing to list shares of his refining business across several African stock markets in what could become one of the continent’s most ambitious public offerings.

The plan targets a cross-border flotation of Dangote Petroleum Refinery and Petrochemicals FZE, operator of the massive refinery complex outside Lagos. Details of timing and valuation were not disclosed, but market officials say discussions are underway to structure a pan-African listing.

According to the chief executive of the Nairobi Securities Exchange, the proposal envisions shares being made available on multiple bourses to attract investors from across the continent rather than limiting participation to a single market.

Advisory roles for the planned offering have been handed to Stanbic IBTC Capital Ltd, Vetiva Advisory Services Ltd and FirstCap Ltd, whose executives confirmed their involvement in early preparations for the transaction.

The refinery, regarded as the largest in Africa, is expected to transform fuel supply dynamics in Nigeria and neighboring countries by reducing reliance on imports and boosting regional trade in refined products. A multi-exchange listing could widen ownership of the asset while deepening capital market integration across African economies.

If executed, the share sale would rank among the most significant listings linked to industrial infrastructure on the continent and offer investors exposure to one of Africa’s most strategically important energy projects.