Aliko Dangote is planning to take his refinery business public at a valuation target of about $50 billion, as preparations intensify for a major stock market listing expected later this year.
The refinery arm, Dangote Petroleum Refinery & Petrochemicals, could float up to 10 per cent of its equity, a move that may raise around $5 billion if the valuation goal is achieved.
The facility, which started operations in 2024, has quickly become a major force in Nigeria’s fuel supply chain. Its outlook has been boosted by higher global crude prices and stronger local demand for refined products, strengthening investor interest ahead of the planned listing.
Discussions are also ongoing around structuring the offer as a pan-African public listing, allowing investors from multiple countries across the continent to participate. This approach followed talks in Lagos involving Dangote and leaders of several African stock exchanges under the African Securities Exchanges Association framework. One of the exchanges involved, Nairobi Securities Exchange, confirmed that the talks focused on harmonising rules to support cross-border trading.
A spokesperson for the Dangote Group confirmed the engagement but declined to share details on timing or structure.
To support the listing process, Dangote has brought in advisers including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited, who are currently shaping the transaction structure.
The refinery, described as the world’s largest single-train facility, currently processes about 650,000 barrels of crude per day, with expansion plans to more than double capacity to 1.4 million barrels per day within the next three years. The scale-up would place it among the largest refining operations globally.
To fund part of this expansion, the business recently secured major support from the African Export-Import Bank, which backed a significant portion of a $4 billion syndicated loan.
Market observers say the planned listing could reshape African capital markets by increasing liquidity and attracting broader investor participation, while also strengthening Nigeria’s positioning in global indices such as those managed by FTSE Russell.
