Dangote Refinery IPO to Open Within 10–12 Days, Says Aliko Dangote
The planned initial public offering of Nigeria’s Dangote Petroleum Refinery is expected to open within the next 10 to 12 days, its owner, Aliko Dangote, has said.
Dangote made the disclosure on Thursday while speaking to investors and analysts during a visit to Botswana. The offering is expected to raise about $5 billion, potentially making it the largest initial public offering in Africa.
The 650,000-barrel-per-day refinery, located in Lagos, reached its full nameplate capacity in February and has since tested production of up to 700,000 barrels per day.
Dangote said proceeds from the IPO would support an ambitious expansion that would more than double the refinery’s capacity to 1.4 million barrels per day.
The IPO plans have attracted significant investor interest, with the refinery expected to seek about $5 billion. Earlier reports indicated that the offering could involve the sale of a stake in the refinery, although the final structure and terms remain subject to regulatory approval and the formal offer documents.
The listing could give Nigerian and other African investors an opportunity to take direct ownership in one of the continent’s largest industrial projects, while providing Dangote with additional capital for expansion.
Dangote also disclosed plans for a new refinery project on Kenya’s coast, which he said is expected to begin on September 30 and would supply refined petroleum products to Kenya and neighbouring East African countries.
