Aliko Dangote is aiming for a $50 billion valuation for Dangote Petroleum Refinery and Petrochemicals ahead of a planned stock market listing later this year.
Bloomberg reports the refinery may sell up to 10% of its stake on the Nigerian Stock Exchange, a deal worth about $5 billion. A senior Dangote Group executive confirmed the valuation aligns with internal estimates but gave no further details.
The offering is being structured as a cross-border public listing across multiple African stock exchanges. The plan emerged after a meeting in Lagos between Dangote and CEOs of exchanges under the African Securities Exchanges Association.
Frank Mwiti, CEO of the Nairobi Securities Exchange, said talks focused on a pan-African IPO framework to let investors across the continent participate. “The plan is to structure a pan-African IPO,” he said, noting it would require coordination to ease regulatory barriers.
Dangote has appointed Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap Limited as financial advisers. FirstCap CEO Ukandu Ukandu confirmed the team is already working on the structure.
The 650,000-barrel-per-day refinery has gained traction since starting operations in 2024, helped by rising global crude prices and domestic fuel demand. Dangote plans to double capacity to 1.4 million barrels per day within three years, a scale comparable to global refining giants.
African Export-Import Bank has backed the expansion, underwriting $2.5 billion of a $4 billion syndicated facility. Analysts say a multi-exchange listing could deepen liquidity in African markets and boost Nigeria’s push to rejoin the FTSE Russell Frontier Markets Index.
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