The President of the Dangote Group, Alhaji Aliko Dangote, has again said the group is pursuing its plans to sell a 10 per cent stake in its 650,000-barrel-per-day Dangote Refinery and Petrochemicals FZE, through a landmark Pan-African Initial Public Offering in 2026.
Speaking at an event organised by the Atlantic Council in Washington DC, according to the News Agency of Nigeria (NAN) yesterday, Dangote also explained that the share sale would support long-term investments and deepen African capital market participation.
He reiterated that the refinery will pay dividends to shareholders in dollars after listing, although he did not disclose specific financial details of the planned IPO. According to him, the company has appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. as advisers for the proposed IPO.
He further stated that the share sale aligns with his broader strategy to invest about $40 billion over five years to scale operations across refining, fertiliser production, and mining ventures in Africa.
According to him, the expansion plan includes quadrupling fertiliser output, increasing refinery capacity significantly, and establishing potash and phosphate plants in the Democratic Republic of Congo alongside copper refining projects in Zambia.
Dangote said the 650,000-barrels-per-day refinery recently reached full operational capacity, coinciding with supply disruptions linked to tensions in the Middle East, which boosted demand for its petroleum products globally.
According to him, the facility has also emerged as a strategic supplier of jet fuel to Europe and reinforced its growing relevance in international energy markets, enhancing Nigeria’s position in global refining and export chains.
