DANGOTE PLANS AFRICA'S BIGGEST-EVER IPO: Refinery to List on Multiple African Exchanges

Refinery to List on Multiple African Exchanges

$5 billion share sale could nearly double NGX market cap; prospectus filing expected this month

Aliko Dangote has appointed financial advisers and confirmed plans for a pan-African initial public offering of his $20 billion Lekki refinery, in what would be the largest equity offering in Africa's history.

Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap have been engaged to lead the transaction, which is structured to list shares simultaneously on multiple African stock exchanges, the first offering of its kind on the continent.

The offering is expected to open as early as May 2026. Analysts value the refinery between $40 billion and $50 billion. Investors are likely to be offered between 5% and 10% of the company's equity, potentially generating up to $5 billion in available shares.

A listing of that scale could almost double the Nigerian Exchange's market capitalisation, which currently stands at around $44 billion equivalent.

Nigeria's Securities and Exchange Commission is reviewing a structure that would allow investors to buy shares in naira while receiving dividends in US dollars — a model aimed at attracting foreign participation and reducing currency risk.

The refinery, which processes 650,000 barrels per day, currently meets more than 90% of Nigeria's domestic petrol demand and has already exported 456,000 tonnes of refined fuel to five African countries.

The company is expected to file its prospectus in April, ahead of a nationwide investor roadshow.