Dangote Refinery Pan-African IPO Plan

Aliko Dangote, Africa's richest businessman, is advancing plans for a landmark pan-African Initial Public Offering (IPO) of his Dangote Petroleum Refinery. The proposed listing aims to float shares simultaneously on multiple African stock exchanges, opening up ownership to investors across the continent and deepening capital market integration. Discussions have taken place with heads of various African exchanges, including the Nairobi Securities Exchange and the Nigerian Exchange Group, to structure the offering and address regulatory complexities and currency risks. Financial advisers, including Stanbic IBTC Holdings — Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap, have been appointed. The refinery, currently processing 650,000 barrels per day, plans a major expansion to 1.4 million barrels per day, supported by a $40 billion investment plan and financing from the African Export–Import Bank. The IPO is expected to raise capital for this expansion and could include a future dual listing on the Aquis Stock Exchange, with a potential valuation of $40 billion to $50 billion.