Africa's largest pension fund shows deep interest in the Dangote Refinery

Recent visits to the Dangote Refinery and Dangote Fertilizer Limited by representatives of the Public Investment Corporation and South Africa's Government Employees Pension Fund indicate a growing interest on the continent in long-term infrastructure investment and industrialization driven by Africa.

• Representatives from South Africa's Public Investment Corporation and Government Employees Pension Fund recently visited Dangote Refinery and Fertilizer Limited.
• The visit corresponds with Dangote Group's plans to launch an initial public offering (IPO) and list the refinery on multiple African stock exchanges.
• African financial markets are paying close attention to the proposed IPO, which could be one of the continent’s first significant cross-border industrial listings.
• Dangote has appointed several advisory firms, including Stanbic IBTC Capital and Vetiva Advisory Services, to guide the IPO process.

The visit is part of a broader trend in Africa where major institutions are increasingly focusing on domestic industrial initiatives that can improve regional energy and food security, increase manufacturing capacity, and develop economic resilience.

DON'T MISS THIS: Dangote’s 10% refinery sale set to anchor massive $40 billion plan

Per the Dangote Group, this visit is in reaction to Dangote’s plans to go public with his refinery and other listing initiatives.

“As the refinery moves towards its forthcoming IPO, engagements like this reinforce the growing recognition of strategic infrastructure as a critical driver of Africa’s long-term growth and economic transformation,” the group relayed via X.

The projected initial public offering (IPO) has garnered attention in African financial markets.

Dangote’s recent IPO conversations

Earlier this year, Dangote revealed during a media tour of the refinery that Nigerians would soon have the opportunity to directly invest in the project within months.

Interest in the listing grew after the president of the Nairobi Securities Exchange revealed in April that Dangote plans to float in multiple African capital markets.

According to an email from Ukandu, the Chief Executive Officer of FirstCap, which was reported by Bloomberg, the Dangote Group appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. to serve as advisors for the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE.

Such a move would be a watershed moment for the continent, establishing one of Africa's first big cross-border industrial listings.

“The plan is to structure a pan-African IPO,” Frank Mwiti, CEO of the Nairobi exchange, said after a meeting between the heads of African exchanges and billionaire Dangote in Lagos.

In July last year, Aliko Dangote announced plans to float his oil refinery on the stock market, following public scrutiny that the billionaire preferred foreign partnerships.

During an interview with S&P Global in October of the same year, he revealed plans to sell at least 5% of the refinery's stock on the Nigerian Exchange between that time and 2026.

This number, based on assertions from Africa’s richest man, could go as high as 10%.

This month, the Nigerian billionaire revealed that his group is considering what could become the first major London listing of his cement empire as he seeks deeper international capital pools to support expansion across Africa.