Africa’s richest man, Aliko Dangote, is planning a landmark cross-border public offering of his $20 billion refinery, in a move that could transform capital markets across the continent.
According to a Bloomberg report, the proposed listing will see shares of the Dangote Petroleum Refinery and Petrochemicals floated on multiple African stock exchanges—marking what could become the first large-scale pan-African initial public offering (IPO).
Multi-exchange listing gains traction
The plan was discussed during a high-level meeting in Lagos involving Dangote and top executives of African bourses under the African Securities Exchanges Association.
Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, said the initiative is aimed at building a framework that allows investors across Africa to participate seamlessly.
“The plan is to structure a pan-African IPO,” Mwiti said, noting that regulatory alignment and cross-border trading systems will be key to execution.
Building on NGX listing plans
The development follows earlier plans by Dangote to list about 10 percent of the refinery on the Nigerian Exchange Group in 2026, as part of efforts to unlock value and widen investor participation.
To drive the transaction, a consortium of financial advisers—including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited—has already been appointed.
Expansion ambitions drive capital raise
The refinery, currently the world’s largest single-train facility with a capacity of 650,000 barrels per day, is central to Dangote’s broader industrial ambitions.
Plans are underway to scale capacity to 1.4 million barrels per day within three years—placing it among the world’s largest refining complexes.
To support this expansion, the company recently secured $2.5 billion backing from the African Export-Import Bank as part of a $4 billion syndicated facility.
The refinery upgrade forms part of a wider $40 billion investment strategy spanning petrochemicals, fertiliser, and energy infrastructure.
Boost for African capital markets
Analysts say a multi-exchange IPO could significantly deepen liquidity across African markets, enhance regional financial integration, and position Nigeria as a key hub for cross-border investments.
The move also comes amid rising demand for refined petroleum products across Africa, with the Lagos-based refinery already exporting fuel to several countries, helping to reduce dependence on imports.
If successful, the offering could mark a turning point for Africa’s financial ecosystem—opening up one of the continent’s most strategic industrial assets to both institutional and retail investors across multiple jurisdictions.
