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Nigerian billionaire Aliko Dangote said his $20 billion oil refinery could pursue a secondary listing in the United States in about three to four years, opening the possibility of a future international listing for Africa’s largest refinery.
Dangote disclosed the potential U.S. listing on Monday as the refinery began its long-awaited initial public offering on the Nigerian Exchange. The IPO, which opened on September 14, is seeking to raise about ₦2.15 trillion ($1.6 billion) through the sale of 4.1 billion shares at ₦525 each.
The planned secondary listing would come after the refinery establishes a sufficient public trading record in Nigeria. Dangote Refinery is currently being listed only on the Nigerian Exchange, with the company previously indicating that a foreign listing would not be pursued for at least three years.
The potential U.S. listing would give the refinery another route to access international investors and capital markets as it expands its operations.
The refinery, located in Lagos, has a current processing capacity of 700,000 barrels per day and plans to increase this to 1.4 million barrels per day by 2029. The expansion programme is expected to require significant additional investment as the company moves to increase production and strengthen its position in regional and international energy markets.
The refinery’s Nigerian IPO values the business at about $49 billion based on the valuation disclosed in the company’s prospectus. The offer is expected to close on October 13, with the shares scheduled to begin trading later in November.
The listing represents one of the largest public offerings in Nigeria and is expected to provide Dangote Refinery with funds to support its expansion plans.
Dangote, Africa’s richest person, owns a majority stake in the refinery. His interest is expected to remain substantial following the IPO, meaning the company’s valuation and future expansion could continue to have a significant impact on his fortune.
The refinery reported a net income of $1.82 billion in the first half of 2026, compared with a loss of about $476 million in the same period a year earlier, as its operations continued to scale up.
The company began commercial operations in 2024 after more than a decade of construction. Its expansion has become a major development for Nigeria’s energy sector, reducing the country’s dependence on imported refined petroleum products while positioning the refinery as a potential supplier to other African markets.
A U.S. secondary listing would therefore mark another step in Dangote’s effort to build the refinery into a globally traded energy company, although no specific U.S. exchange or listing structure has been announced.
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