Aliko Dangote is planning to list about 10% of his oil refining company on multiple African stock exchanges as part of efforts to raise funding for the next phase of expansion across his industrial empire.
The move will apply to Dangote Petroleum Refinery and Petrochemicals FZE, with the billionaire confirming that the company will pay dividends in dollars to shareholders after the planned initial public offering (IPO).
He disclosed this in a brief interview in Washington on Thursday.
Dangote said the company has already engaged advisers for the listing, including Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap, as preparations advance for what could become one of Africa’s largest energy sector listings.
What Dangote is saying
Dangote said the listing is expected to involve around 10 per cent of the company, although final details are still being worked out.
- “We will list as much as possible, maybe 10 per cent or so,” he said, without disclosing valuation details.
- The refinery is expected to pay dollar-denominated dividends after the IPO, according to him.
- Advisers appointed include Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap.
The share sale is part of a broader $40 billion expansion programme spanning oil refining, fertiliser production, and other industrial investments over the next five years.
Dangote also outlined plans to expand into new resource-based industries across the continent, particularly in mineral-rich markets.
- Fertiliser production capacity is expected to be quadrupled under the expansion plan.
- Refining capacity is expected to more than double over the same period.
- New projects are planned in the Democratic Republic of Congo and Zambia, including potash, phosphate, and copper refining facilities.
He said the group is targeting sectors where Africa continues to face infrastructure and investment gaps.
The announcement comes as the 650,000-barrels-per-day refinery continues to scale operations and deepen its presence in global fuel markets.
- The refinery has reached full operational capacity after ramp-up challenges.
- It has become a growing supplier of diesel and jet fuel to Africa and Europe.
What you should know
- On March 22, Nairametrics reported that Dangote Petroleum Refinery exported 456,000 tonnes of refined petroleum products across 12 cargoes, including Premium Motor Spirit (PMS), to countries such as Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo.
- The refinery shipped a total of 17 gasoline cargoes to other African countries within the same period, underscoring its growing regional reach.
- Despite already operating at full capacity, the refinery is pursuing further expansion. Recently, the African Export-Import Bank underwrote $2.5 billion of a $4 billion syndicated loan for the project, while a $400 million agreement was signed with XCMG Construction Machinery Co., Ltd. to support expansion.
- The refinery is expected to scale up from 650,000 barrels per day to 1.4 million barrels per day, a move that could make it the largest refinery globally upon completion.
- Polypropylene production capacity is also projected to rise from 900,000 metric tonnes per annum to 2.4 million metric tonnes per annum.
