Dangote to Launch Pan-African IPO for Refinery Shares

Aliko Dangote is set to offer shares of his refinery on multiple African stock exchanges, with plans for a pan-African IPO. The refinery, located in Nigeria, currently processes 650,000 barrels of oil per day and aims to expand its capacity to 1.4 million barrels daily within three years.

Dangote has appointed Stanbic IBTC Capital Ltd, Vetiva Advisory Services Ltd, and FirstCap Ltd to advise on the IPO. This initiative was discussed during a meeting with Frank Mwiti, CEO of the Nairobi Securities Exchange.

The share sale is expected to deepen Nigeria's equity market and facilitate investor participation across African markets. Additionally, Dangote plans to invest at least $40 billion over the next five years to drive growth, which includes quadrupling fertilizer output and doubling oil refinery capacity.

The refinery's expansion is partly funded by a $2.5 billion to $4 billion syndicate facility underwritten by the African Export-Import Bank.