The Chairman of Dangote Group, Alhaji Aliko Dangote, says the company plans to sell a 10 per cent stake in its $20 billion 650,000-barrel-per-day refinery through a landmark Pan-African Initial Public Offering (IPO) in 2026.
Speaking at an event organised by the Atlantic Council in Washington DC, on Thursday, Dangote said that the sale of the shares would support long-term investments and deepen African capital market participation.
According to him, Dangote Petroleum Refinery and Petrochemicals will pay dividends to shareholders in dollars after listing, although specific financial details of the planned offering were not disclosed.
Dangote disclosed that the company has appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd. and FirstCap Ltd. as advisers for the proposed IPO.
He explained that sale of shares aligns with his broader strategy to invest about $40 billion over five years to scale operations across refining, fertiliser production and mining ventures in Africa.
Dangote said also that the expansion plan included quadrupling fertiliser output, increasing refinery capacity significantly, and establishing potash and phosphate plants in the Democratic Republic of Congo alongside copper refining projects in Zambia.
He said that 650,000 barrels-per-day refinery, Africa’s largest refinery recently reached full operational capacity, coinciding with supply disruptions linked to tensions in the Middle East, which boosted demand for its petroleum products globally.
Dangote said that the facility has also emerged as a strategic supplier of jet fuel to Europe, reinforcing its growing relevance in international energy markets and enhancing Nigeria’s position in global refining and export chains.
GIK/APA