Aliko Dangote is planning a multi exchange IPO for his Lagos refinery as part of a $40 billion expansion drive…reports Afria Daily News Desk
Aliko Dangote is planning to list around 10 per cent of the Dangote Petroleum Refinery in what could become one of Africa’s biggest public offerings, according to African Business.
The proposed multi exchange IPO is expected to support the Dangote Group’s wider strategy to invest $40 billion over the next five years to expand refining and fertiliser production across Africa.
African Business reported that the company plans to more than double the refinery’s processing capacity from 650,000 barrels per day to 1.4 million barrels, while also significantly increasing fertiliser production. The expansion plans also include potash and phosphate projects in the Democratic Republic of Congo and copper refining operations in Zambia.
The Lagos based refinery, which began production in 2024, is regarded as one of Nigeria’s largest industrial projects and forms a central part of the group’s “Vision 2030” programme aimed at transforming Dangote Group into a $100 billion revenue business.
The latest proposal marks an expansion of Dangote’s earlier plan to float five per cent of the refinery on the Nigerian Stock Exchange. African Business reported that the revised strategy could involve listings across multiple African stock exchanges.
Market analysts believe the multi exchange structure could help spread investor demand across different markets and improve the offering’s accessibility for institutional and retail investors across Africa.
Analysts also believe a successful listing could provide a major boost to African capital markets by encouraging large African companies to raise funds within the continent rather than relying primarily on overseas exchanges and investors.
