Dangote aims for $50 billion valuation in IPO for its 650,000‑barrel‑per‑day refinery

• May become largest listing in African capital market history

Africa’s richest individual, Aliko Dangote, is aiming for a $50 billion valuation of his flagship refinery ahead of a planned stock‑market listing in Nigeria later this year, sources told Bloomberg.

The company intends to sell up to a 10 percent stake, which could raise roughly $5 billion, making it one of the biggest capital‑market transactions in Nigeria. The 650,000‑barrel‑per‑day refinery has altered Nigeria’s fuel supply chain by cutting reliance on imported petroleum products.

A senior Dangote Group executive confirmed to Bloomberg that the valuation reflects internal expectations, but declined to discuss the timing or structure of the offering.

The listing is being considered as higher global crude prices and stronger domestic fuel demand improve the refinery’s commercial outlook. Situated in the Lekki Free Zone in Lagos, the plant’s 650,000‑bpd capacity makes it Africa’s largest single‑train refinery.

Since commencing large‑scale production of petrol, diesel and aviation fuel, the refinery has reshaped Nigeria’s fuel supply chain, reducing imports and expanding local refining capacity in Africa’s top oil producer.

Dangote has recently indicated that Nigerian investors will soon have the chance to buy shares directly in the refinery business, signalling a broader effort to attract domestic participation in the energy sector.

The IPO is anchored by an unprecedented dividend structure that permits investors to purchase shares in Nigerian naira while receiving returns in US dollars, supported by an estimated $6.4 billion in annual petrochemical export revenues.

With the prospectus already filed for regulatory review and a subscription window expected to open by August 2026, the Dangote Refinery IPO is set to fundamentally change the scale and ambition of African equity markets.

It will also be the first time Africa’s most valuable private infrastructure asset becomes available for public ownership. The refinery, located in the Lekki Free Trade Zone near Lagos, was commissioned in May 2023 after nearly a decade of construction and an investment of about $20 billion.

By February 2026, the facility had reached its full processing capacity of 650,000 barrels of crude oil per day, making it the world’s largest single‑train refinery and Africa’s biggest refining complex.

Valuations published in late 2025 placed the refinery’s worth between $20 billion and $25 billion. That estimate has since risen to $40‑$50 billion, reflecting stronger‑than‑expected operational performance and rising global demand for its output.

Group revenues across Dangote’s businesses have grown from $3.3 billion to $18 billion over the past five years, while EBITDA increased from $1.8 billion to $2.8 billion in the same period.

For context, the MTN Nigeria listing in 2019 raised about $876 million, which was then the largest on the Nigerian Exchange. The Dangote Refinery IPO is targeting up to $5 billion—roughly five to six times that amount.

An analysis by Serrari Group noted that, on a continental scale, market observers compare the deal to Saudi Aramco’s landmark 2019 listing, as both bring a dominant energy‑infrastructure asset to public markets for the first time.

The refinery is not a single‑product operation. It processes crude oil into diesel, aviation fuel and petrol, with refined products exported to Ghana, Cameroon, Togo and Tanzania as well as to international markets, including Europe. The plant currently supplies over 90 percent of Nigeria’s petrol demand and has exported 456,000 tonnes of refined fuel to five African countries.

Beyond fuels, the refinery produces petrochemical outputs such as polypropylene, which is widely used in plastics manufacturing, industrial packaging and component fabrication. The petrochemicals division represents a major standalone revenue stream and underpins the refinery’s dollar‑dividend commitment.

Jet‑fuel exports alone surged by 770 percent between 2024 and 2026, with Europe receiving roughly 70,000 barrels per day to offset supply disruptions linked to tensions in the Middle East.

The refinery is supported by a pipeline network of approximately 1,100 kilometres, one of the largest of its kind globally, linking crude supply lines to processing and distribution infrastructure.

The Dangote Group has appointed a consortium of three financial advisers to manage the offering. Stanbic IBTC Capital, part of the Standard Bank group, will handle the international book‑building process and lead engagement with foreign portfolio investors.

Vetiva Capital Management, which has advised on previous Dangote listings, will manage retail investor distribution within Nigeria, while FirstCap will focus on placements with Nigerian institutional investors, particularly pension funds.