Dangote refinery to sell 10% stake via Pan-African IPO

The Dangote Group has announced plans to sell a 10 per cent stake in its $20 billion 650,000-barrel-per-day refinery through a landmark Pan-African Initial Public Offering (IPO) in 2026.

The Chairman of Dangote Group, Aliko Dangote, made this known during an event organised by the Atlantic Council in Washington DC on Thursday, April 16, 2026.

He said the share sale would support long-term investments and deepen African capital market participation.

The business mogul disclosed that Dangote Petroleum Refinery and Petrochemicals will pay dividends to shareholders in dollars after listing, although specific financial details of the planned offering were not disclosed.

Dangote said the company has appointed Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited as advisers for the proposed IPO.

He stated that the share sale aligns with his broader strategy to invest about $40 billion over five years to scale operations across refining, fertiliser production, and mining ventures in Africa.

Dangote said the expansion plan includes quadrupling fertiliser output, increasing refinery capacity significantly, and establishing potash and phosphate plants in the Democratic Republic of Congo alongside copper refining projects in Zambia.

Oil prices slip as hopes for US-Iran peace talks raise supply outlook

He said the 650,000 barrels-per-day refinery, Africa’s largest refinery recently reached full operational capacity, coinciding with supply disruptions linked to tensions in the Middle East, which boosted demand for its petroleum products globally.

Dangote said the facility has also emerged as a strategic supplier of jet fuel to Europe, reinforcing its growing relevance in international energy markets and enhancing Nigeria’s position in global refining and export chains.

Also speaking, the senior vice president of refining, chemicals and oil markets at consultancy Wood Mackenzie, Alan Gelder, said the refinery was highly profitable.

He said the rising export volumes and strong demand fundamentals across multiple product segments.

Gelder added that data indicated that diesel exports rose to about 79,500 barrels per day in April from 73,600 in March, while gasoline shipments declined to 50,100 barrels per day from nearly 102,400 previously.