Billionaire reveals multi-exchange offering across continent targeting up to $5 billion capital raise from 650,000 bpd facility valued at $40-$50 billion.

Aliko Dangote has confirmed plans to sell about 10% of his oil-refining company on multiple African stock exchanges to help fund the next phase of his business empire, with the company set to pay dividends to shareholders in US dollars following the initial public offering, according to Bloomberg.

Speaking in a brief interview in Washington on Thursday, Dangote disclosed the stake size for the landmark pan-African listing of Dangote Petroleum Refinery and Petrochemicals, which has appointed Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap to advise on the transaction. The offering is expected to cover between 5% and 10% of the refinery’s equity, with analysts placing the valuation at between $40 billion and $50 billion, positioning the share sale to raise to $5 billion in what would become Africa’s largest initial public offering.

The structure centres on a primary listing on the Nigerian Exchange, with coordinated cross-border access for investors across the Johannesburg Stock Exchange, Nairobi Securities Exchange, Ghana Stock Exchange, Ethiopian Securities Exchange, and Bourse Régionale des Valeurs Mobilières. Nairobi Securities Exchange Chief Executive Officer Frank Mwiti confirmed that discussions focused on structuring a cross-border offering that would allow investors from different jurisdictions to seamlessly participate, marking the first pan-African IPO of this scale.

The offering carries a hybrid currency structure designed to attract international investors while limiting direct naira exposure. Investors will subscribe for shares in naira but will have the option to receive dividends in US dollars, drawn from the refinery’s projected $6.4 billion in annual export revenues from refined petroleum products and petrochemicals. Dangote previously described the concept as “You buy in naira, but you get dividends in dollars,” with the mechanism currently under review by Nigeria’s Securities and Exchange Commission and the Nigerian Exchange.

The 650,000-barrel-per-day refinery, located in the Ibeju Lekki Free Zone near Lagos, stands as the world’s largest single-train crude processing facility. Built for $20 billion and commissioned in 2023, the facility reached full operational capacity in February 2026 and currently meets more than 90% of Nigeria’s petrol demand, while exporting to multiple African countries, including Ghana, Cameroon, Togo, and Tanzania. The Nigerian National Petroleum Company holds a 7.25% stake in the project.

Proceeds from the IPO would support Dangote’s aggressive expansion plans, including more than doubling refining capacity to 1.4 million barrels per day within three years and scaling fertilizer production from three million metric tons annually. The African Export-Import Bank recently underwrote $2.5 billion of a $4 billion syndicated loan to support the expansion, which forms part of a broader $40 billion investment programme outlined by Dangote over the next five years covering petrochemicals, fertilizer, and energy infrastructure.

The transaction timeline points to a prospectus filing with Nigeria’s Securities and Exchange Commission in April, a national retail roadshow and electronic subscription platform launch in May, and a formal listing on the Nigerian Exchange main board between June and July 2026. The International Monetary Fund projected that the refinery could lift Nigeria’s non-oil GDP by 1.5% and boost foreign exchange earnings by $5.5 billion, positioning the asset as critical to the country’s economic strategy and energy security.

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