THE Dangote Group is going ahead with plans to sell a 10 per cent stake in its $20billion, 650,000-barrel-per-day refinery through a landmark Pan-African Initial Public Offering (IPO) this year.
Disclosing this at an event organised by the Atlantic Council in Washington DC, United States (US), on Thursday, April 16, its Chairman, Aliko Dangote, added that the share sale would support long-term investments and deepen African capital market participation.
According to him, Dangote Petroleum Refinery and Petrochemicals FZE will pay dividends to shareholders in dollars after listing, but did not give specific financial details of the planned offering.
He stated that the company has appointed Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited and FirstCap Limited as advisers for the proposed IPO, noting that the share sale aligns with his broader strategy to invest about $40billion over five years to scale operations across refining, fertiliser production and mining ventures in Africa.
He said the expansion plan includes quadrupling fertiliser output, increasing refinery capacity significantly and establishing potash and phosphate plants in the Democratic Republic of Congo (DRC), alongside copper refining projects in Zambia.
He said Africa’s largest refinery recently reached full operational capacity, coinciding with supply disruptions linked to war in the Middle East, which boosted demand for its petroleum products globally, and that the facility has also emerged as a strategic supplier of jet fuel to Europe, reinforcing its growing relevance in international energy markets and enhancing Nigeria’s position in global refining and export chains.
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