Dangote aims for $50 billion valuation of its refinery ahead of planned public offering.

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President of the Dangote Group, Alhaji Aliko Dangote, is targeting a valuation of $50bn for his Dangote Petroleum Refinery & Petrochemicals ahead of a planned stock market listing later this year, according to a report by Bloomberg.

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Dangote wants investors to know that the refinery, which commenced operations in 2024, is now valued at $50bn. Bloomberg reports that the refinery company could sell up to a 10 per cent stake through the Nigerian stock exchange, implying a potential offering size of about $5bn.

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A senior executive at the Dangote Group confirmed that the projected valuation aligns with the company’s current internal expectations but declined to provide additional details on the planned transaction.

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The planned listing comes as stronger global crude oil prices and growing domestic fuel demand improve the commercial outlook for the 650,000 barrels-per-day refinery, which has increasingly become a dominant player in Nigeria’s downstream petroleum market.

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Dangote is planning a landmark cross-border public offering of his $20bn oil refinery in a move that could reshape capital markets across Africa and deepen regional investor participation, Bloomberg revealed on Monday.

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The proposed listing, which will see shares of the Dangote Petroleum Refinery and Petrochemicals floated on multiple African stock exchanges, is being positioned as the first pan-African initial public offering of its scale.

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Details of the plan emerged recently following a meeting in Lagos involving Dangote and the chief executives of several African bourses under the umbrella of the African Securities Exchanges Association.

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Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, who attended the meeting, disclosed that discussions centred on structuring a cross-border listing framework that would allow investors across the continent to participate in the refinery’s ownership.

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“The plan is to structure a pan-African IPO,” Mwiti said after the meeting, noting that the initiative would require coordination among exchanges to ease regulatory barriers and facilitate seamless trading across jurisdictions.

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A spokesman for the Dangote Group confirmed that the meeting took place but declined to provide further details on the structure and timeline of the proposed offering.

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The development comes months after Dangote unveiled plans to list about 10 per cent of the refinery on the Nigerian Exchange Group in 2026, a move widely seen as part of efforts to unlock value and broaden the company’s investor base.

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To drive the offering, Dangote has appointed a consortium of financial advisers, including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited

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The Chief Executive Officer of FirstCap, Ukandu Ukandu, confirmed the appointments, stating that the advisers were already working on the transaction structure.

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It was noted that a multi-exchange listing could significantly deepen liquidity in African capital markets while positioning Nigeria as a major hub for cross-border investments, especially as the country eyes a return to the FTSE Russell Frontier Markets Index.

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They added that the offering could also provide much-needed capital to support Dangote’s aggressive expansion strategy.

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Currently, the refinery, the largest single-train facility in the world, has a processing capacity of 650,000 barrels per day. However, Dangote plans to more than double this to 1.4 million barrels per day within the next three years, a scale that would rival global refining giants, including facilities owned by Indian billionaire Mukesh Ambani.

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To fund this expansion, the company recently secured backing from the African Export-Import Bank, which underwrote $2.5bn out of a $4bn syndicated financing facility.

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