Dangote Petroleum Refinery plans to raise about $5 billion through an initial public offering in October, in what could become Africa’s largest stock market listing. The proceeds will be used to expand the refinery’s processing capacity beyond its current 650,000 barrels per day and help finance a proposed refinery project in Kenya.
Sources familiar with the transaction said the refinery has submitted its IPO application to Nigeria’s Securities and Exchange Commission, with approval expected before a prospectus is issued in September.
The Nigerian Exchange will host the primary listing, while investors in other African markets may participate through structured investment instruments. Stock exchanges in South Africa, Kenya, Egypt, Ghana and Rwanda have held a series of meetings with the refinery’s advisers in recent months to take part in the deal.
The refinery, which began operations in 2024, has significantly reduced Nigeria’s reliance on imported fuel and expanded exports of refined petroleum products across Africa.
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