Dangote Refinery rules out overseas listing for at least three years

Dangote Petroleum Refinery will not pursue a foreign stock market listing for at least three years, with the company prioritising its planned Nigerian initial public offering (IPO) before considering an overseas listing.

The timeline was disclosed by the refinery’s Chief Executive Officer, David Bird, in an interview with Reuters, as the company prepares for what could become the largest stock market listing in African history.

Dangote Petroleum Refinery & Petrochemicals is targeting a $5 billion IPO expected to conclude by October, with the offering designed to allow Nigerians participate in the company’s growth story.

What they are saying

Explaining why the company is not pursuing an overseas listing immediately, Bird said the refinery wants to establish a stronger operating and financial track record before entering international capital markets.

• According to him, the company is targeting at least three years of proven production and financial performance before pursuing a foreign listing, which could support a higher valuation. London has been mentioned as a possible future listing venue.
• “We really want to drive participation,” Bird said. “The mandate of the IPO was to be the people’s IPO.”

He added that the refinery compares favourably with refining assets in the United States because of its access to local crude supplies, strong domestic demand, and integrated operations across refining and petrochemicals.

Get up to speed

Bird’s comments provide the clearest indication yet that the refinery’s immediate listing strategy is focused on Nigeria, with any foreign listing deferred until after a longer operating history has been established.

Earlier this year, reports indicated that Aliko Dangote was considering listing the refinery on multiple African stock exchanges in what could become a landmark cross-border public offering on the continent.

The plan was disclosed by the Chief Executive Officer of the Nairobi Securities Exchange following a meeting in Lagos between Dangote and the heads of several African exchanges.

• That followed Dangote’s announcement in December 2025 that the company intended to list a 10% stake in the $20 billion refinery on the Nigerian Exchange in 2026.

At the time, Dangote also disclosed that the company was in discussions with market regulators to facilitate future dividend payments in U.S. dollars as a hedge against currency volatility.

What you should know

Dangote Petroleum Refinery & Petrochemicals is targeting a $5 billion IPO expected to conclude by October, in what could become the largest stock market listing in African history.

• The company recently completed a $2.5 billion private placement, one of the largest corporate fundraising transactions by an African company, with strong participation from African and international institutional investors.
• The planned listing is expected to support the refinery’s expansion strategy, with the company aiming to double refining capacity to 1.4 million barrels per day within the next three years.

The refinery, which currently supplies most of Nigeria’s gasoline and diesel demand and all of its jet fuel needs, has also expanded exports across Africa and into Europe, positioning itself as a major regional refining and petrochemicals hub.