The President of Dangote Industries Limited, Aliko Dangote, has announced that the initial public offering of the Dangote refinery will open within the next 10 to 12 days, in what could become one of Africa’s biggest capital market transactions.
Dangote disclosed this on Thursday while speaking to investors and analysts in Botswana, according to Reuters.
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The $20bn Lagos-based refinery is expected to raise about $5bn through the IPO, potentially making it the largest public offering on the African continent.
Dangote said proceeds from the listing would support the group’s broader expansion plans, including efforts to significantly increase the refinery’s production capacity.
“So our dream is that we want to make sure we double the capacity of the refinery… which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” he said.
The refinery, currently designed to process 650,000 barrels of crude oil per day, reached its full capacity in February and has subsequently tested output of about 700,000 barrels per day.
Dangote did not disclose the refinery’s profit margins, although global refining margins have strengthened in recent months amid disruptions and uncertainty in international energy markets.
Beyond the refinery IPO, Dangote outlined plans for further expansion of his industrial group across international markets.
Dangote Cement is expected to pursue a secondary listing on the London Stock Exchange, potentially in October, as the group seeks to broaden its access to international investors.
The businessman also confirmed plans for a new refinery on Kenya’s coast, which would be developed in partnership with East African governments.
The proposed facility is expected to supply refined petroleum products to Kenya and neighbouring countries, with the broader objective of reducing the region’s dependence on imported fuel.
Construction of the Kenyan refinery could take up to three years, making it Dangote Group’s most significant refining investment outside Nigeria.
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The planned expansion comes as Dangote seeks to transform the refinery into a major regional energy hub while using international capital markets to support the next phase of its industrial ambitions.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
