Dangote sets 2028 target for fertiliser business IPO

Africa’s richest man and President of Dangote Group, Aliko Dangote, has disclosed that the group plans to take its fertiliser business public in 2028.

Dangote revealed the timeline on Sunday during an interview at the Qatar Economic Forum, where he discussed the group’s ownership structure and plans to bring more investors into its businesses.

Asked about the prospect of having more shareholders, Dangote said the group had largely operated without partners but was now seeking to broaden ownership.

“No, we have actually everything we do by ourselves. We don’t have partners. But that’s why we are now looking for all these massive number of people to now become our partners,” he said.

Dangote also joked about the social media reaction to the ongoing initial public offering of Dangote Petroleum Refinery, which has attracted a wave of memes from new retail investors.

“You must have seen that they’ve been calling me now for a board meeting,” he said.

Some investors who bought shares in the refinery have taken to social media to portray themselves as new co-owners and executives of the business, with some creating humorous certificates and titles for themselves.

The businessman, however, gave a more specific timeline when asked about plans to list Dangote’s fertiliser business on the stock market.

“Oh, yeah, yeah. I mean, we will IPO it. It’s going to be the biggest fertilizer company on earth,” he said.

When asked when the listing would take place, Dangote replied: “Yes, it will be 2028.”

Dangote Fertiliser operates a $2.5 billion plant in Ibeju-Lekki, Lagos, with an annual urea production capacity of about three million tonnes.

The group has also announced plans to expand its fertiliser production capacity to about 12 million tonnes annually by 2028, including the expansion of its Nigerian operations and a proposed plant in Ethiopia.

Dangote has previously said the planned expansion would make the fertiliser business one of the largest urea producers globally.

The planned 2028 listing would make the fertiliser business the latest Dangote Group operation to be opened to public investors, coming as the group’s refinery IPO continues to attract interest from retail investors.