LAGOS, April 13 – Aliko Dangote, Africa’s richest man, is planning a pan-African initial public offering for his refining business, in what could become a first-of-its-kind multi-exchange listing across the continent, Bloomberg News reported, citing people with knowledge of the matter.
The proposed IPO for Dangote Petroleum Refinery and Petrochemicals is being structured with advisory support from Stanbic IBTC Capital, Vetiva Advisory Services and FirstCap, according to people familiar with the matter.
The plan is to list shares across multiple African exchanges, a move that could deepen capital markets beyond Nigerian Exchange Group and expand investor access across the continent. Discussions have involved exchange leaders, including the head of Nairobi Securities Exchange, following meetings held in Lagos.
The refinery currently has a processing capacity of 650,000 barrels per day, with plans to expand output to 1.4 million barrels per day over the next three years. The expansion is part of a broader investment programme estimated at $40 billion over five years, spanning refining, fertiliser production and other industrial ventures.
Financing efforts have already gained momentum, with African Export-Import Bank underwriting $2.5 billion of a $4 billion syndicated facility for the refinery project.
A multi-exchange listing would mark a significant milestone for African capital markets, potentially boosting liquidity, cross-border investment and market integration. It also comes as Nigeria moves closer to re-entry into the FTSE Russell frontier markets index, which could attract renewed foreign portfolio inflows.
Beyond domestic supply, the refinery has begun exporting refined petroleum products across Africa, positioning itself as a key supplier amid ongoing disruptions in global fuel markets.
If executed, the IPO would not only support Dangote’s expansion ambitions but also signal a shift toward more integrated and scalable financing structures within Africa’s financial ecosystem.
