Abuja—The initial public offering (IPO) of Nigeria’s Dangote Refinery, Africa’s largest oil refinery, is expected to open within the next 10 to 12 days, owner Aliko Dangote said on Thursday.

Dangote disclosed the timeline while speaking to investors and analysts in Botswana, as the group prepares to take the refinery to the Nigerian public market.

The offering could become Africa’s largest-ever IPO, with the refinery expected to seek about $5 billion from investors. Earlier reports have indicated that Dangote is targeting a valuation of around $50 billion for the business.

Dangote also said the group plans to double the refinery’s capacity to 1.4 million barrels per day, underscoring its ambition to turn the facility into a major global refining hub. The refinery reached its 650,000 barrels-per-day capacity in February and has been tested at higher production levels.

The planned IPO comes as Nigeria seeks to deepen its domestic capital markets and reduce reliance on imported refined petroleum products. A successful listing would also give Nigerian and international investors a direct opportunity to participate in one of the country’s most strategically important energy assets.

 

Key Takeaways

  • IPO opening: Expected within 10–12 days.
  • Asset: Dangote Refinery, Africa’s largest refinery.
  • Potential fundraising: About $5 billion.
  • Expansion target: Capacity to rise to 1.4 million barrels per day.
  • Market significance: Could become Africa’s largest IPO.

 

Source: Reuters

Reporting: Sfundo Parakozov & Chijioke Ohuocha

Editing: Chris Reese