The Dangote Group plans to sell a 10 per cent stake in its $20 billion, 650,000-barrel-per-day refinery through a Pan-African initial public offering in 2026. Aliko Dangote announced the move during an event hosted by the Atlantic Council in Washington DC on Thursday. The refinery, located in Lagos, is one of the largest of its kind in the world. The IPO is expected to draw investors across the African continent. No further details about the listing process or regulatory approvals were disclosed.
Aliko Dangote is betting on African capital to fund a slice of his $20 billion refinery. Selling a 10 per cent stake via a Pan-African IPO means Nigerian investors could soon own a piece of the continent's largest oil refinery. This opens local investment opportunities that have historically been limited to foreign entities. It also places trust in African markets to handle high-value energy assets.
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