Dangote refinery chooses Stanbic IBTC, Vetiva Capital Management, and First Capital

The Dangote Group has appointed three investment banks to lead what could become the largest equity offering in African capital market history, as the planned listing of the Dangote Petroleum Refinery & Petrochemicals FZE on the Nigerian Exchange moves from announcement into execution.

Stanbic IBTC Capital, Vetiva Capital Management, and First Capital have been selected as lead issuing houses and financial advisers for the refinery listing, according to people familiar with the matter. Stanbic IBTC, operating under the Standard Bank umbrella, is expected to manage the international book-building process and lead engagement with foreign portfolio investors. Vetiva, which has advised on previous Dangote listings, brings experience in local retail distribution and regulatory navigation. First Capital adds strength in placement among Nigerian pension funds and institutional asset managers.

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