The President of the Dangote Group, Alhaji Aliko Dangote, is targeting a valuation of $50bn for his Dangote Petroleum Refinery & Petrochemicals ahead of the planned stock market listing later this year.
According to a report by Bloomberg, Dangote wants investors to know that the refinery, which commenced operations in 2024, is now valued at $50bn and that the refinery company could sell up to a 10 per cent stake through the Nigerian stock exchange, implying a potential offering size of about $5bn.
The report added that a senior executive at the Dangote Group confirmed that the projected valuation aligns with the company’s current internal expectations, but declined to provide additional details on the planned transaction.
The planned listing comes as stronger global crude oil prices and growing domestic fuel demand improve the commercial outlook for the 650,000 barrels-per-day refinery, which has increasingly become a dominant player in the Nigerian downstream petroleum market.
The report stated that Dangote is planning a landmark cross-border public offering of his $20bn oil refinery in a move that could reshape capital markets across Africa and deepen regional investor participation.
The proposed listing, which will see shares of the Dangote Petroleum Refinery and Petrochemicals floated on multiple African stock exchanges, is being positioned as the first pan-African initial public offering of its scale.
Meanwhile,, local media reports stated that Dangote has appointed a consortium of financial advisers, including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited to drive the offering.
The reports added that the Chief Executive Officer of FirstCap, Ukandu Ukandu, confirmed the appointments, stating that the advisers were already working on the transaction structure.
GIK/APA