Dangote Refinery IPO Set To Open Within Days As Expansion Plans Advance

Nigeria’s Dangote Refinery is set to open its highly anticipated initial public offering (IPO) within the next 10 to 12 days, according to billionaire businessman Aliko Dangote, as the company prepares to raise capital for further expansion.

The 650,000-barrel-per-day refinery, Africa’s largest, is expected to seek approximately $5 billion through the offering. If completed at that level, the IPO could rank among the largest public listings ever seen on the African continent.

Dangote said the company ultimately aims to more than double the refinery’s capacity to 1.4 million barrels per day, reinforcing its ambitions to position Nigeria as a major refining and petroleum-products hub. The facility reached full nameplate capacity in February and has already tested production at around 700,000 barrels per day.

The planned listing comes as refining margins have benefited from increased demand for alternative fuel supplies amid continuing geopolitical disruptions in the Middle East. Dangote has not publicly disclosed the refinery’s profit margins.

Beyond the refinery IPO, Dangote Group is preparing for another major capital-market move. Dangote said a planned secondary listing of Dangote Cement on the London Stock Exchange is most likely to take place in October, potentially expanding the company’s access to international investors and global capital.

The group is also expanding its refining ambitions beyond Nigeria. Dangote plans to launch a new refinery project on Kenya’s coast on September 30, in partnership with East African governments. The facility is expected to take up to three years to build and would supply refined petroleum products to Kenya and neighbouring countries.

The Kenyan project would represent Dangote Group’s largest refining investment outside Nigeria and could help reduce East Africa’s dependence on imported refined fuels. Together with the planned IPO and expansion of the Nigerian refinery, the projects underline Dangote’s growing ambitions across Africa’s energy and industrial sectors.