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Aliko Dangote, Africa's wealthiest individual and founder of the Dangote Group, has appointed three financial advisers to lead a pan-African initial public offering of Dangote Petroleum Refinery and Petrochemicals Fze, with shares set to be offered across multiple African stock exchanges in what would be the continent's largest-ever equity offering.
Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd. and FirstCap Ltd. have been engaged to advise on the offering, according to Ukandu Ukandu, chief executive officer of FirstCap, who confirmed the appointments by email. The listing plans were also disclosed by the head of the Nairobi Securities Exchange.
The $20 billion refinery, built over 11 years and now operating at 650,000 barrels per day on the outskirts of Lagos, is expected to carry an opening valuation of between $40 billion and $50 billion when it lists, according to analysts. That would make it the largest equity offering ever executed on an African stock exchange and one of the most significant corporate listings in emerging markets in recent years.
Dangote plans to sell between five and 10 percent of the refinery while retaining majority control. Investors are expected to buy shares in naira and receive dividends in dollars, drawing on projected annual export revenue of approximately $6.4 billion. That structure is designed to give international investors exposure to refinery cashflow while limiting direct exposure to Nigeria's currency.
The Nigerian Exchange Group has already convened the chief executives of five major African exchanges, including the Johannesburg Stock Exchange and the Nairobi Securities Exchange, to develop cross-border listing pathways. A pan-African structure would allow investors across the continent to buy into the refinery through their local exchanges, broadening the shareholder base and potentially marking a turning point in the development of integrated African capital markets.
The listing is currently targeted for between June and July 2026. The refinery has already exported 456,000 tonnes of refined fuel to five African countries and currently meets more than 90 percent of Nigeria's petrol demand, a position it has built after decades in which the country was entirely dependent on imported fuel at considerable cost to its economy and foreign exchange reserves. The appointment of three advisers confirms that preparations for the offering are now formally underway.
