Nigerian billionaire Aliko Dangote intends to list shares of his oil refinery business, Dangote Petroleum Refinery and Petrochemicals, across multiple African stock exchanges, including the Nairobi Securities Exchange (NSE).
The proposed multi-exchange listing marks a significant milestone not only for the firm but also for Africa’s capital markets, as it could rank as the largest cross-border IPO in Africa. The initiative is expected to strengthen liquidity in African markets and broaden investment opportunities for both institutional and local investors.
The company has a appointed a consortium of financial advisors, including Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap Limited to guide the process. The offering is expected to involve 5–10% of the company and could raise up to $5 billion.
Proceeds from the listing will be channeled towards the refinery’s expansion plans, including more than doubling refining capacity and scaling fertilizer production.
About Dangote Refinery
Dangote Petroleum refinery is one of the largest oil refining facilities in the world, with a capacity of 650,000 barrels per day. Located in Lagos, the refinery is designed to process a wide range of crude oils and produce key refined products including petrol, diesel, aviation fuel and petrochemicals.
