Dangote refinery valuation hits projected $50bn ahead of a planned pan-African IPO and Nigerian stock exchange listing
Alhaji Aliko Dangote, President of the Dangote Group, is targeting a projected valuation of $50bn for the Dangote Petroleum Refinery & Petrochemicals ahead of a planned stock market listing later this year, according to a Bloomberg report released on Monday.
Also read: Cooking gas price surges by over N100 as Dangote Refinery, dealers release new LPG rates
The planned transaction could see up to 10 per cent of the refinery business offered through the Nigerian stock market, implying a potential offering size of about $5bn and marking one of the most ambitious capital market moves in Africa’s history.
A senior executive at the Dangote Group confirmed that the projected Dangote refinery valuation reflects the company’s internal expectations but declined to provide further details about the proposed transaction structure.
The refinery, which began operations in 2024, has rapidly emerged as a dominant force in Nigeria’s downstream petroleum sector as stronger global crude oil prices and rising domestic fuel demand continue to improve its commercial outlook.
Bloomberg also reported that Dangote is pursuing a landmark pan-African public offering for the $20bn refinery project, with shares expected to be floated across multiple African stock exchanges in what could become the continent’s first large-scale cross-border initial public offering.
Details of the proposed listing emerged after a meeting in Lagos involving Dangote and chief executives of several African exchanges operating under the umbrella of the African Securities Exchanges Association.
Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, said discussions focused on creating a framework that would allow investors across Africa to participate seamlessly in the refinery’s ownership.
“The plan is to structure a pan-African IPO,” Mwiti said, adding that participating exchanges would need to coordinate efforts to ease regulatory barriers and facilitate smooth cross-border trading.
A spokesman for the Dangote Group confirmed the meeting took place but did not disclose details regarding the timeline or final structure of the proposed offering.
The development follows earlier plans unveiled by Dangote to list about 10 per cent of the refinery on the Nigerian Exchange Group in 2026 as part of efforts to unlock shareholder value and widen investor participation.
To drive the transaction, the company has appointed a consortium of financial advisers, including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited and FirstCap Limited.
Chief Executive Officer of FirstCap, Ukandu Ukandu, confirmed the appointments and said advisory teams were already working on the transaction structure.
Analysts believe the powerful offering could deepen liquidity across African capital markets while strengthening Nigeria’s position as a regional investment hub, particularly as the country seeks a return to the FTSE Russell Frontier Markets Index.
Industry observers also noted that the proposed capital raise would support Dangote’s aggressive refinery expansion strategy.
The refinery, currently the world’s largest single-train refining facility, processes 650,000 barrels of crude oil per day.
Dangote plans to increase capacity to 1.4 million barrels per day within three years, a scale expected to rival some of the world’s largest refining operations, including facilities linked to Indian billionaire Mukesh Ambani.
Also read: Dangote Refinery records fresh fuel price rise again
To support the expansion drive, the African Export-Import Bank recently underwrote $2.5bn of a $4bn syndicated financing facility for the refinery project.
