The Dangote Group has unveiled plans to offer a 10 percent stake in its $20 billion Dangote Petroleum Refinery through a Pan-African Initial Public Offering (IPO) scheduled for 2026.
Chairman of the group, Aliko Dangote, announced the move during an event hosted by the Atlantic Council in Washington D.C., describing it as a major step toward expanding investment opportunities across Africa.
Dangote explained that the proposed share sale aims to attract long-term investors while strengthening participation in African capital markets.
He added that the refinery company intends to pay dividends in U.S. dollars to shareholders once it becomes publicly listed, although full details of the offering are yet to be disclosed.
To facilitate the IPO, Dangote Group has appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. as financial advisers.
The planned listing forms part of a broader $40 billion investment strategy over the next five years, targeting expansion across refining, fertiliser production, and mining operations on the continent.
Dangote disclosed that the expansion roadmap includes increasing fertiliser output significantly, boosting refinery capacity, and developing potash and phosphate projects in the Democratic Republic of Congo, as well as copper processing facilities in Zambia.
The 650,000 barrels-per-day refinery—currently the largest in Africa—has recently reached full operational capacity, positioning it as a key player in global energy supply chains.
The development comes at a time of heightened global demand for refined petroleum products, partly driven by geopolitical tensions in the Middle East that have disrupted supply flows.
The facility has also begun supplying jet fuel to European markets, further strengthening Nigeria’s role in international energy trade.
Industry analysts have described the refinery as highly profitable. Alan Gelder, Senior Vice President at Wood Mackenzie, noted that rising export volumes and strong demand across multiple product segments have supported its performance.
Recent data shows diesel exports increased to approximately 79,500 barrels per day in April, up from 73,600 barrels in March. However, gasoline shipments declined to about 50,100 barrels per day from nearly 102,400 barrels previously.
The Dangote Group said the IPO represents a strategic milestone that will not only unlock value but also broaden ownership of Africa’s largest industrial project.
