African industrialist Aliko Dangote has revealed plans to establish a special investment vehicle in Kenya that will allow investors to buy into the Dangote Group before the company proceeds with the public listing of its refinery business.
Dangote disclosed the plan during a discussion with Makhtar Diop, where he explained that the Kenya-based structure would serve as an entry point for investors seeking exposure to the group ahead of the refinery’s planned pan-African initial public offering.
According to him, the investment platform will give Kenyan investors the flexibility to enter and exit their positions when needed through transferable investment certificates. He added that investors would also be able to withdraw their capital at any time.
Diop said the World Bank Group remains committed to supporting industrial growth across Africa, noting that large-scale projects such as the refinery require long-term institutional backing.
The refinery, which reached its full processing capacity of 650,000 barrels per day in February 2026, reportedly cost about $20 billion to build.
Dangote said the project was completed despite widespread doubts from traders and major corporations that it could ever become operational.
He also disclosed that the parent company, Dangote Industries, has never paid dividends since its creation because profits were consistently reinvested into expanding the business.
Dangote projected that the group could eventually generate annual revenues of around $100 billion, with earnings before interest, taxes, depreciation and amortization estimated at between $30 billion and $35 billion. He added that future dividend payments could reach between $20 billion and $25 billion annually once operations mature.
The businessman further stated that dividends to investors would be calculated in US dollars, although shareholders would have the option of receiving payments in currencies such as the naira or South African rand.
Reports indicate that the refinery IPO could raise as much as $5 billion through the sale of between 5 and 10 percent of Dangote Petroleum Refinery and Petrochemicals. Analysts are said to value the refinery at between $40 billion and $50 billion.
The listing is expected to take place on the main board of the Nigerian Exchange Group between June and July 2026, while several African stock exchanges, including the Nairobi Securities Exchange, are expected to participate in the broader offering.
However, the exact structure of the Kenya investment vehicle has not yet been made public.
