Africa’s richest industrialist, Aliko Dangote, has unveiled plans to sell a 10 per cent stake in the massive Dangote Petroleum Refinery and Petrochemicals FZE through a landmark Pan-African Initial Public Offering (IPO) scheduled for 2026.
Dangote disclosed the development at an event organised by the Atlantic Council in Washington, D.C., noting that the share sale is aimed at attracting long-term investment while deepening participation across African capital markets.
He explained that the IPO would allow investors across the continent to take part in the refinery’s growth, adding that dividends would be paid in U.S. dollars after listing. However, he did not provide detailed financial projections for the offering.h
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To drive the process, Dangote said the company has appointed leading financial advisers, including Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd..
The planned IPO forms part of a broader strategy to invest about 40 billion dollars over the next five years. According to Dangote, the expansion will span refining, fertiliser production, and mining projects across Africa. Key initiatives include plans to significantly increase refinery output, quadruple fertiliser production, and establish potash and phosphate plants in the Democratic Republic of Congo, alongside copper refining operations in Zambia.
Dangote highlighted that the 650,000-barrel-per-day refinery — the largest in Africa — has recently reached full operational capacity. This milestone coincides with global supply disruptions linked to tensions in the Middle East, which have boosted demand for refined petroleum products.
He added that the facility has become a strategic exporter of jet fuel to Europe, strengthening Nigeria’s position in global energy markets and export chains.
Industry analysts have also expressed confidence in the refinery’s outlook. A senior executive at Wood Mackenzie noted that strong demand fundamentals and rising export volumes have positioned the refinery as a highly profitable venture, reinforcing its role as a major player in international oil markets.
