Dangote Plans $20 Billion Multi-Exchange Refinery Listing

Aliko Dangote, President of Dangote Industries Limited, is planning to list a 10% stake in his $20 billion oil refinery across multiple African stock exchanges, marking a significant cross-border public offering. This initiative was disclosed by Frank Mwiti, Chief Executive Officer of the Nairobi Securities Exchange, following a meeting held in Lagos.

The refinery, which is expected to scale to 650,000 barrels per day, aims to become one of the largest globally upon completion. The listing is designed to deepen investor participation across the continent and is part of a broader strategy to expand Dangote's footprint in the African energy market.

The company has already appointed Stanbic IBTC Capital Ltd, Vetiva Advisory Services Ltd, and FirstCap Ltd to advise on the initial public offering. Speculation around the IPO has grown, with a clearer timeline emerging for a launch expected in February 2026, allowing for dividend payments in U.S. dollars.