Dangote Refinery Appoints Stanbic IBTC, Vetiva, and First Capital for Record-Breaking NGX Listing
The Dangote Group has officially appointed Stanbic IBTC Capital, Vetiva Capital Management, and First Capital as lead issuing houses for the upcoming listing of Dangote Petroleum Refinery & Petrochemicals FZE on the Nigerian Exchange (NGX). The move marks a major step toward what could become Africa’s largest equity offering, following the refinery’s $20 billion construction. The listing is expected to float between five and ten percent of the refinery, potentially valuing the company between $40 billion and $50 billion.
Stanbic IBTC, under the Standard Bank umbrella, will manage the international book-building process and engage foreign portfolio investors, while Vetiva brings experience in local retail distribution and regulatory navigation. First Capital will focus on placements among Nigerian pension funds and institutional investors. Analysts say the trio’s previous roles in major NGX transactions make them well-equipped to handle a listing of this scale, which could push the NGX’s total market capitalization beyond ₦200 trillion.
A unique feature of the offering is its proposed dividend structure. Investors can purchase shares in naira while electing to receive dividends in US dollars—a first for the NGX. The refinery’s projected $6.4 billion in annual export revenue is expected to back this mechanism, which aims to reduce currency risk for foreign investors. The Securities and Exchange Commission (SEC) and NGX are in active discussions with Dangote’s team to approve the innovative structure.
Dangote first announced the listing timeline on February 21, 2026, during a facility tour by NNPC Group Chief Executive Bayo Ojulari. The transaction is expected to progress with a prospectus submission to the SEC in April, a national retail roadshow and e-IPO launch in May, and a main board listing projected between June and July 2026. This structured approach ensures broad participation from both local and international investors.
In parallel, Dangote Cement signed a strategic framework agreement with Sinoma International Engineering of China to build 12 new projects and expand existing facilities across Africa, costing over $1 billion. The deal aims to increase cement production to 80 million tonnes per year by 2030 and enhance Africa’s self-sufficiency. Backed by upgraded gas supply agreements with NNPC subsidiaries, the projects will improve production capacity and support the adoption of compressed natural gas as automotive fuel.
source: Business day