Dangote Plans $20 Billion Pan-African IPO for Refinery

Aliko Dangote, Africa's richest man, is planning a significant $20 billion initial public offering (IPO) for his oil refinery, which is expected to be a landmark cross-border initiative. The IPO aims to list shares on multiple African stock exchanges, as disclosed by Frank Mwiti, Chief Executive Officer of the Nairobi Securities Exchange.

This proposal follows a recent meeting in Lagos between Dangote and executives from various African bourses. The structure of the Pan-African IPO is designed to deepen cross-border investment flows and broaden participation across the continent.

Mwiti noted that discussions centered on collaboration among exchanges to facilitate dual and multiple listings. Dangote previously announced in December his intention to list a 10 percent stake of the refinery on the Nigerian Exchange Group by 2026.

The Dangote Group confirmed that discussions have taken place, but declined to provide further details on the timeline or structure. Nigerian investors will have the opportunity to purchase shares within the next four to five months, with dividends available in either naira or U.S. dollars.