Dangote Targets $50bn Valuation for Refinery Ahead of Landmark Pan-African Stock Listing

Nigeria’s richest man, Aliko Dangote, is setting an ambitious target for his flagship energy project, as the Dangote Group pushes to value its refinery at $50bn ahead of a planned stock market listing. The move signals one of the most significant capital market events ever expected out of Africa.

According to reports, the Dangote Petroleum Refinery & Petrochemicals—already operational since 2024—is being positioned for a potential initial public offering that could see up to a 10% stake sold on the Nigerian Exchange Group. This could translate to a fundraising size of about $5bn, depending on investor appetite and final pricing.

The refinery, with a massive capacity of 650,000 barrels per day, has quickly become a key player in Nigeria’s downstream oil sector. Stronger global crude oil prices and rising domestic fuel demand have also strengthened the commercial outlook of the facility, boosting confidence in its valuation ahead of the listing.

Plans are also underway for a broader pan-African offering, with discussions involving leaders of multiple stock exchanges under the African Securities Exchanges Association. The idea is to allow investors across Africa to participate in what could become the continent’s first large-scale cross-border IPO of its kind.

To support the listing, Dangote has brought in financial advisers, while also advancing expansion plans that could double refinery output to 1.4 million barrels per day in the coming years. Backed by major financing support, including a $2.5bn facility from the African Export-Import Bank, the project is being positioned as a long-term global refining powerhouse with Africa at its center.

source: punch