Dangote Targets $50bn Refinery Valuation Ahead of IPO as Expansion Plans Stretch Across Africa

Africa’s richest man, Aliko Dangote, is positioning his flagship refinery for a major leap into global capital markets, with the business targeting a valuation of up to $50 billion ahead of its planned initial public offering (IPO) expected later this year. The move signals growing investor interest in one of the continent’s most ambitious industrial projects.

According to reports, the company is considering selling up to 10 percent equity in the listing, which could raise as much as $5 billion. A senior executive reportedly confirmed that the valuation aligns with current expectations, reinforcing confidence in the refinery’s long-term commercial outlook.

The Dangote Refinery had earlier disclosed plans for a dual listing on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE). The decision reflects concerns that the local market may not have sufficient depth to fully support a large-scale energy listing of this size. There are also indications that additional African exchanges could be included in the listing strategy.

Beyond the IPO, the refinery project is also preparing for aggressive expansion. The facility, currently designed to process 650,000 barrels per day, is expected to scale up to 1.4 million barrels per day using proceeds from the public offering. This expansion would further strengthen Nigeria’s position in global refining capacity and reduce reliance on imported fuel.

In a broader regional push, Dangote has also revealed plans for a second refinery project in East Africa, with Kenya emerging as a preferred location. He cited Mombasa’s deep-water port and strong domestic demand as key advantages over competing proposals, including Tanzania’s Tanga port project. The proposed refinery is estimated to cost between $15 billion and $17 billion, highlighting the scale of Dangote’s long-term industrial ambitions across the continent.