Dangote Plans Pan-African IPO for $20 Billion Refinery Across Multiple Exchanges

Aliko Dangote is advancing plans to list his flagship refining business, Dangote Petroleum Refinery and Petrochemicals, on multiple African stock exchanges in what could become a landmark cross-border initial public offering (IPO) for the continent’s capital markets.

The proposed transaction is being structured as a pan-African equity offering, aimed at allowing investors across key African markets to participate directly in one of the continent’s most strategic industrial assets.

If executed, the deal would represent the first time a major African industrial company simultaneously lists shares across multiple regional exchanges.

To drive the listing process, Dangote has engaged a consortium of financial advisers including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited.

The advisory team is expected to coordinate valuation, structuring, regulatory alignment, and investor engagement across jurisdictions.

The move follows a series of strategic discussions between Dangote and executives from leading African exchanges, including the Nairobi Securities Exchange and the Nigerian Exchange Group, as part of efforts to deepen cross-border capital market integration and expand investor access.

The refinery, widely regarded as the largest in Africa, currently has a processing capacity of 650,000 barrels per day.

However, plans are underway to scale operations significantly, with management targeting 1.4 million barrels per day over the next three years. This expansion would position the facility among the largest refining complexes globally and strengthen its role in regional energy supply.

Financing for the next phase of growth is already taking shape. The African Export-Import Bank recently underwrote $2.5 billion of a broader $4 billion syndicated facility dedicated to the refinery’s expansion.

The IPO is expected to complement this funding structure by unlocking equity capital and broadening the ownership base.

Beyond the refinery itself, the listing forms part of a broader long-term investment strategy estimated at over $40 billion.

This includes expanding refining output, increasing petrochemical capacity, and scaling fertiliser production, all aimed at strengthening industrial self-sufficiency across Africa.

From a market perspective, the planned IPO has implications that extend beyond the Dangote Group. A multi-exchange listing would introduce a new model for capital raising in Africa, potentially improving liquidity, widening investor participation, and enhancing price discovery across regional markets.

For Nigeria, the development could provide additional momentum to its equity market, particularly as it seeks to reinforce its position within global frontier market indices. Increased participation from international and regional investors could support market depth and attract further listings.

The broader African market also stands to benefit. By allowing investors in multiple countries to access a single large-scale industrial asset, the offering could accelerate integration among African exchanges and support the development of a more unified capital market ecosystem.

Operationally, the refinery has already begun supplying refined petroleum products to both domestic and regional markets, helping to address persistent supply constraints across several African countries.

As production scales, the facility is expected to play a larger role in reducing dependence on imported fuel and stabilising energy availability within the region.