Aliko Dangote has announced plans to list about 10% of his oil refining company on multiple African stock exchanges as part of a broader strategy to raise capital for the next phase of expansion across his industrial empire.
The proposed listing will involve Dangote Petroleum Refinery and Petrochemicals FZE, with the billionaire confirming that the company intends to pay dividends in U.S. dollars to shareholders following the initial public offering (IPO).
Speaking in a brief interview in Washington on Thursday, Dangote said preparations for the listing are already underway, with several financial advisers engaged to structure the deal.
He named Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap as part of the advisory team working on the planned share sale, which could become one of the largest energy-sector listings on the African continent.
“We will list as much as possible, maybe 10 per cent or so,” Dangote said, while noting that final details including valuation are still being finalised.
The IPO forms part of a wider $40 billion expansion programme covering oil refining, fertiliser production, and other industrial investments over the next five years.
As part of the expansion plan, Dangote said fertiliser output is expected to quadruple, while refining capacity will more than double. New industrial projects are also planned in the Democratic Republic of Congo and Zambia, focusing on potash, phosphate, and copper refining.
He added that the group is targeting sectors where Africa continues to face major infrastructure and investment gaps.
The announcement comes as the 650,000-barrels-per-day Dangote refinery continues to ramp up operations and strengthen its position in global fuel markets.
The facility has reportedly reached full operational capacity after initial ramp-up challenges and is now supplying diesel and jet fuel to markets across Africa and Europe.
On March 22, the refinery exported 456,000 tonnes of refined petroleum products across 12 cargoes, including Premium Motor Spirit (PMS), to countries such as Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo. Within the same period, it shipped 17 gasoline cargoes across the continent, highlighting its expanding regional footprint.
Despite reaching full capacity, further expansion is already underway. The African Export-Import Bank recently underwrote $2.5 billion of a $4 billion syndicated loan for the project, while a separate $400 million agreement was signed with XCMG Construction Machinery Co., Ltd. to support continued expansion.
When fully expanded, the refinery is expected to increase capacity from 650,000 barrels per day to 1.4 million barrels per day, potentially making it the largest refinery in the world. Polypropylene production is also projected to rise significantly, from 900,000 metric tonnes per annum to 2.4 million metric tonnes annually.
The move signals an aggressive push by Africa’s richest man to deepen industrial capacity across the continent while opening parts of his flagship energy asset to public investment.
