LAGOS, Sept 4 – The initial public offering of Nigeria’s Dangote refinery is expected to open within the next 10 to 12 days, owner Aliko Dangote said on Thursday, setting the stage for what could become Africa’s largest initial share offering.
Dangote made the disclosure while speaking to investors and analysts in Botswana, where he outlined plans to expand the 650,000-barrel-per-day facility to 1.4 million barrels per day.
“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,” Dangote told investors and analysts.
The offering is expected to seek approximately $5 billion, potentially making it the largest IPO on the African continent. The listing would give investors an opportunity to gain direct exposure to one of Africa’s largest refining operations as Nigeria seeks to expand its domestic refining capacity and reduce dependence on imported petroleum products.
The Dangote refinery reached its full nameplate capacity of 650,000 barrels per day in February and has subsequently tested production at as much as 700,000 barrels per day. The facility has also become an increasingly important supplier of refined petroleum products to international markets.
The refinery’s profitability has not been publicly disclosed by Dangote Industries. However, refining margins have strengthened amid disruptions in global energy markets, including instability in the Middle East that has increased demand for alternative sources of refined fuels.
Beyond the refinery IPO, Dangote said another major transaction involving his industrial group is also approaching. A secondary listing of Dangote Cement on the London Stock Exchange is expected to take place most likely in October, potentially broadening the cement producer’s access to international investors and sources of capital.
Dangote is also expanding his refining ambitions beyond Nigeria. The businessman said his group plans to develop a new refinery on Kenya’s coast in partnership with East African governments, with construction expected to take up to three years.
The proposed facility would supply refined petroleum products to Kenya and neighbouring countries, potentially helping reduce the region’s reliance on imported fuels. The project would represent Dangote Group’s largest refining investment outside Nigeria.
“We are launching it on September 30,” Dangote said.
The planned investments reflect the growing regional ambitions of Dangote Group’s energy business, with the Nigerian refinery serving as the foundation for a wider strategy focused on refining capacity, fuel supply and cross-border energy markets.
The upcoming IPO will therefore be closely watched by African and international investors, both for its potential scale and for the valuation it places on one of the continent’s most significant industrial assets.
