Africa’s richest industrialist, Aliko Dangote, is moving ahead with plans to list his oil-refining business across multiple African stock exchanges in what could become a landmark pan-African initial public offering (IPO).
According to Bloomberg, the proposed transaction, expected to involve simultaneous listings on several African bourses, is aimed at widening investor participation in the refinery while fostering deeper integration across the continent’s fragmented capital markets.
The initiative was disclosed by Frank Mwiti, chief executive officer of the Nairobi Securities Exchange, after a closed-door meeting in Lagos involving Dangote and executives of various African exchanges.
Mwiti said discussions centred on structuring a “pan-African IPO” that would enable investors in different jurisdictions to access the offer through their local markets.
To drive the transaction, Dangote has appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. as advisers for the listing of Dangote Petroleum Refinery and Petrochemicals FZE, according to FirstCap’s chief executive, Ukandu Ukandu.
The refinery is expected to float between 5 per cent and 10 per cent of its equity on the Nigerian Exchange as early as the second or third quarter of 2026, with a potential fundraising target of up to $5 billion. The $20 billion facility, with a refining capacity of 650,000 barrels per day, is seeking a valuation in the range of $40 billion to $50 billion.
While the Nigerian Exchange is expected to serve as the primary listing platform, the company is also considering a future dual listing on the London Stock Exchange.
The proposed structure may allow Nigerian investors to subscribe in naira while receiving dividends in U.S. dollars, a feature designed to balance local participation with foreign currency returns.
“Dangote is also expected to gradually dilute his stake to about 65–70 per cent over time, increasing free float and public ownership.
Officials of the Dangote Group confirmed that engagements with African exchange operators have taken place but declined to provide specifics on timing, valuation, or regulatory approvals, leaving key aspects of the transaction unresolved.
If executed, the deal would mark the first simultaneous multi-exchange listing of a major African industrial asset, a development analysts say could either accelerate regional capital market integration or expose structural and regulatory constraints across jurisdictions.
