Dangote Targets $50 Billion IPO for Major Refinery

Aliko Dangote, Africa's richest person, is targeting a $50 billion valuation for his flagship refinery, which is set to list on the Nigerian stock market later this year. The Dangote Group plans to sell a 10% stake in the refinery, potentially raising around $5 billion, marking it as Nigeria's largest capital market deal.

The refinery, located in the Lekki Free Trade Zone, has a capacity of 650,000 barrels per day, making it Africa's largest single-train refinery. It aims to transform Nigeria's fuel supply chain by reducing dependence on imported petroleum products.

The IPO is expected to open in August 2026, with a prospectus already submitted for regulatory review. The valuation reflects stronger operational performance expectations and rising global demand for refined products.

The refinery is anticipated to generate significant revenue, with projections of $6.4 billion in annual petrochemical export revenue. The IPO will allow domestic investors to participate in the energy sector and is compared to Saudi Aramco's landmark listing in 2019.