Dangote Plans US Listing After Doubling Refinery Capacity

Aliko Dangote, Africa’s richest man and owner of Dangote Petroleum Refinery and Petrochemicals, announced plans to list his refinery business on the US stock market following an expansion that will increase its refining capacity to 1.4 million barrels per day. This announcement was made during an interview with CNN, shortly after the company signed documents for what is anticipated to be Africa’s largest initial public offering (IPO).

The Nigerian IPO, scheduled from September 14 to October 13, aims to raise approximately N2.15 trillion ($1.63 billion) through the sale of 4.1 billion ordinary shares at N525 each. Dangote emphasized that the decision to first list in Nigeria is to provide Africans the opportunity to own a stake in the refinery before targeting US investors.

The expansion, costing an estimated $14.3 billion, will position the Lagos-based facility as a major global supplier of jet fuel and diesel, enhancing its role in international fuel markets.