Dangote Plans US Stock Market Listing for Refinery

Aliko Dangote, Africa’s richest businessman, announced plans to list his 700,000-barrel-per-day Dangote Refinery on the US stock market within three to four years following its initial public offering (IPO) in Nigeria, which commenced on September 14, 2026. During the “Facts Behind the Offer” event in Lagos, he stated that the company aims to expand beyond Africa’s capital markets as it scales up.

A US listing could position the refinery to represent about 10 percent of the American refining capacity. The ongoing share offering is designed to allow more Nigerians and Africans to own a stake in the refinery, rather than just raising capital.

Dangote mentioned that the refinery has about $46 billion in funding planned for its expansion and aims to double its capacity by 2030. He also noted that dividends would be paid in US dollars, providing investors with exposure to dollar-denominated earnings.

The refinery's $2.5 billion private placement concluded in July attracted significant interest, exceeding initial expectations.