Aliko Dangote, President of Dangote Industries Limited, is planning a landmark $20bn cross-border public offering of the Dangote Petroleum Refinery to expand investor participation across Africa.
The proposed IPO will be listed on multiple African stock exchanges, making it one of the first large-scale pan-African offerings. Discussions involving African bourse leaders under the African Securities Exchanges Association are focused on easing cross-border trading and regulatory barriers.
The move follows earlier plans to list 10 per cent of the refinery on the Nigerian Exchange Group in 2026. Financial advisers, including Stanbic IBTC Capital Limited and FirstCap Limited, are already working on the structure.
Currently operating at 650,000 barrels per day, the refinery is expected to scale up to 1.4 million barrels daily. Backing from African Export-Import Bank supports this expansion, which is part of a broader $40bn investment plan.
Analysts say the IPO could boost Africa’s capital markets, attract more investors, and strengthen Nigeria’s role in regional finance.
