OIL & GAS
Nigeria’s Dangote Petroleum Refinery is preparing to raise about $5 billion through an initial public offering (IPO) expected to be concluded by October 2026, in what could become the largest stock market listing in Africa’s history.
The refinery has submitted an application to Nigeria’s Securities and Exchange Commission seeking approval for the share sale. Regulatory clearance is expected in the coming weeks, with the prospectus likely to be published in September if the application is approved.
Dangote Refinery is targeting about $5 billion in what could become Africa’s largest-ever initial public offering (IPO). The 650,000-barrels-per-day refinery is valued at approximately $40 billion, with the proceeds expected to finance capacity expansion and support plans to develop a refinery in Kenya.
The final amount to be raised will depend on the outcome of the regulator’s review.
The funds are expected to finance the expansion of the Lagos-based refinery, increasing its production capacity beyond the current 650,000 barrels of crude oil per day.
The planned listing on the Nigerian Exchange has attracted interest from stock exchanges and investors in Kenya, South Africa, Egypt, Ghana and Rwanda, reflecting growing regional appetite for one of Africa’s largest industrial projects. Kenyan investors could account for up to $500 million of the offering if the planned regional participation proceeds.
However, Dangote Petroleum Refinery has not publicly commented on the reported IPO plans, and Nigeria’s Securities and Exchange Commission is yet to announce final approval for the proposed listing.
