Dangote Refinery Advances Plan For Africa’s First pan-African IPO

Africa may see its first pan-African initial public offering as Aliko Dangote moves to list the US$20 billion Dangote Oil Refinery across multiple African exchanges.

Shares in the refinery are expected to be offered to Nigerian investors within two to three months, with a broader multi-country listing under consideration. The strategy would allow equity to be traded across several African capital markets, marking a historic first for the continent and potentially deepening regional stock market integration.

Advisers on the transaction include Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd.

The refinery, one of the world’s largest single-train facilities, currently processes about 650,000 barrels per day, with plans to expand capacity to 1.4 million barrels. “Every living Nigerian should own part of the refinery,” Dangote said.

The listing aligns with Dangote’s stated aim of broadening ownership, potentially allowing widespread retail participation without a fixed cap on share sales.

Executives at the Nairobi Securities Exchange Plc confirmed discussions around a multi-listing structure following recent meetings with Dangote in Lagos. If executed, the IPO could support liquidity and visibility for African exchanges, including Nigerian Exchange Group, as it seeks to rejoin global frontier-market benchmarks.

Dangote has previously indicated plans to sell at least 5 percent of the refinery, ultimately reducing his stake to around 65–70 percent, with further offerings dependent on investor demand.