Dangote Refinery Targets October IPO Worth Up to $5 Billion

The Dangote Petroleum Refinery & Petrochemicals is preparing to launch an initial public offering in October that could raise approximately $5 billion, potentially becoming the largest IPO ever completed in Africa. Chief Executive Officer David Bird confirmed the timeline in recent remarks, stating that preparations for the listing on the Nigerian Exchange are proceeding as planned.

The company has already submitted an application to the Securities and Exchange Commission, though the final offer size remains subject to finalisation. The IPO represents a shift toward broadening ownership of Nigeria's petroleum infrastructure.

Bird stated that the refinery's strategy centres on enabling Nigerian investors to participate directly in the company's expansion and profitability. By pursuing a domestic listing first, the company aims to establish deep roots within the Nigerian capital market before considering international expansion.

The refinery will not pursue a foreign stock market listing in the near term. Bird indicated that the company intends to wait at least three years before exploring overseas public markets, using that time to build an established operational and financial track record.

The CEO said a stronger performance history over multiple years would support a higher valuation should the company eventually decide to list abroad. The move comes as the Dangote Refinery approaches full operational capacity after its commissioning.

The company's decision to prioritise a Nigerian listing reflects confidence in local investor appetite and marks a significant moment for Africa's capital markets, as a successful $5 billion offering would rank among the continent's largest capital raises to date.