The Dangote Group is moving forward with plans to sell a 10 per cent stake in its $20 billion, 650,000-barrel-per-day refinery through a landmark Pan-African Initial Public Offering (IPO) in 2026.
Aliko Dangote made this known during an event organized by the Atlantic Council in Washington, D.C., on Thursday.
He said the share sale would support long-term investments and deepen African capital market participation.
According to him, Dangote Petroleum Refinery and Petrochemicals FZE will pay dividends to shareholders in dollars after listing, although specific financial details of the planned offering were not disclosed.
Dangote said the company has appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. as advisers for the proposed IPO.
He added that the share sale aligns with his broader strategy to invest about $40 billion over five years to scale operations across refining, fertilizer production, and mining ventures in Africa.
Dangote said the expansion plan includes quadrupling fertilizer output, significantly increasing refinery capacity, and establishing potash and phosphate plants in the Democratic Republic of Congo, alongside copper refining projects in Zambia.
He said the 650,000-barrel-per-day refinery, Africa’s largest, recently reached full operational capacity, coinciding with supply disruptions linked to tensions in the Middle East, which boosted global demand for its petroleum products.
Dangote added that the facility has also emerged as a strategic supplier of jet fuel to Europe, reinforcing its growing relevance in international energy markets and enhancing Nigeria’s position in global refining and export chains.
Also speaking, the Senior Vice President of Refining, Chemicals and Oil Markets at consultancy Wood Mackenzie, Alan Gelder, said the refinery is highly profitable.
He attributed this to rising export volumes and strong demand fundamentals across multiple product segments.
Gelder said data indicated that diesel exports rose to about 79,500 barrels per day in April, up from 73,600 in March, while gasoline shipments declined to 50,100 barrels per day from nearly 102,400 previously.
