By Business News Editor
Dickson Irube
Africa’s richest businessman, Aliko Dangote, is preparing to launch a landmark cross-border initial public offering for his $20bn refinery, a move that could transform investment opportunities across African capital markets.
According to a report by Bloomberg, the proposed offering would involve listing shares of the Dangote Petroleum Refinery and Petrochemicals on multiple African stock exchanges. If completed, the transaction would represent one of the largest pan-African IPOs ever attempted.
The plan emerged after Dangote held talks in Lagos with leaders of several African stock exchanges operating under the African Securities Exchanges Association. Discussions focused on creating a framework that would allow investors across different countries to seamlessly participate in the offering.
Frank Mwiti, who attended the meeting, confirmed that the objective is to develop a cross-border listing structure capable of reducing regulatory hurdles and improving access for investors across the continent.
Although representatives of Dangote Group acknowledged the meeting, they declined to disclose further details about the timeline or final structure of the planned offering.
The initiative follows earlier plans by Dangote to list about 10 percent of the refinery on the Nigerian Exchange Group in 2026 as part of efforts to broaden ownership and unlock additional value.
To support the transaction, Dangote has engaged a team of financial advisers, including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited. Chief Executive Officer Ukandu Ukandu confirmed that preparatory work is already underway.
The refinery, located in Lagos, is currently the world’s largest single-train facility, with a capacity of 650,000 barrels per day. Dangote plans to expand output to 1.4 million barrels daily within three years, placing it among the world’s largest refining complexes and rivaling operations linked to Indian billionaire Mukesh Ambani.
To support expansion efforts, the project recently secured funding from African Export-Import Bank, which backed $2.5bn of a $4bn syndicated loan.
The refinery expansion forms part of Dangote’s broader $40bn investment strategy spanning petrochemicals, fertiliser production, and energy infrastructure over the next five years.
Industry analysts believe the proposed multi-exchange listing could deepen liquidity in African markets, strengthen regional financial integration, and offer investors across the continent a rare opportunity to own shares in one of Africa’s most significant industrial projects.
Since operations began, the refinery has already started exporting refined petroleum products to several African countries, reducing reliance on imports and supporting energy security across the region.
