Nigerian billionaire Aliko Dangote is targeting a valuation of US$50 billion for the Dangote Petroleum Refinery & Petrochemicals ahead of a planned stock market listing later this year, according to reports published on Tuesday.
The proposed valuation comes as the refinery ramps up operations and strengthens its position in Nigeria’s fuel market following the start of production in 2024.
According to Bloomberg, the company could offer up to 10 percent of its shares through the Nigerian Exchange Group, implying a potential public offering worth around US$5 billion.
A senior executive at the Dangote Group confirmed that the projected valuation reflects the company’s internal expectations but did not disclose further details regarding the transaction.
The refinery, located near Lagos, is currently the largest single-train refinery in the world, with a processing capacity of 650,000 barrels of crude oil per day.
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The company plans to increase capacity to 1.4 million barrels per day over the next three years, a move that would place the facility among the world’s largest refining operations.
The expansion strategy is expected to intensify competition with major global refiners, including operations linked to Indian billionaire Mukesh Ambani.
The planned listing is also expected to become one of the largest public offerings in Africa’s history and could mark the continent’s first major pan-African initial public offering.
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Bloomberg reported that Dangote recently met chief executives of several African stock exchanges under the umbrella of the African Securities Exchanges Association to discuss a cross-border listing framework.
The aim is to allow investors from multiple African countries to participate in the offering through coordinated trading arrangements between exchanges.
Frank Mwiti, chief executive of the Nairobi Securities Exchange, said discussions focused on reducing regulatory barriers and improving access for investors across the continent.
“The plan is to structure a pan-African IPO,” Mwiti said following the meeting.
A spokesperson for the Dangote Group confirmed the meeting took place but declined to comment further on the timing or structure of the proposed listing.
The refinery’s commercial outlook has improved in recent months amid stronger global crude prices and rising domestic demand for refined petroleum products in Nigeria.
Industry analysts say the project could significantly reshape Africa’s capital markets by boosting cross-border investment flows and deepening liquidity on regional exchanges.
The listing may also strengthen Nigeria’s position as a financial hub at a time when authorities are seeking to attract more foreign portfolio investment and improve the country’s standing in international market indices.
To support the planned offering, Dangote has appointed financial advisers including Stanbic IBTC Capital, Vetiva Advisory Services and FirstCap Limited.
The refinery project, estimated to have cost around US$20 billion, has relied heavily on financing from regional and international lenders.
Recently, the African Export-Import Bank underwrote US$2.5 billion of a broader US$4 billion syndicated financing facility to support expansion plans.
Analysts say a successful public listing could provide the company with additional capital while broadening ownership of one of Africa’s most ambitious industrial projects.
