Dangote plans refinery stock market debut in deal that could raise $5bn

Aliko Dangote is targeting a $50 billion valuation for his flagship refinery business ahead of a planned stock market listing in Nigeria later this year, according to people familiar with the matter.

May 11, 2026 - 15:19

Dangote plans refinery stock market debut in deal that could raise $5bn

Billionaire Aliko Dangote, chief executive officer of Dangote Group, gestures after signing a factory construction contract with Sinoma International Engineering Co. Ltd. [Tom Saater/Bloomberg via Getty Images]

Aliko Dangote is targeting a $50 billion valuation for his flagship refinery business ahead of a planned stock market listing in Nigeria later this year, according to people familiar with the matter.

Africa’s richest man, Aliko Dangote, is targeting a $50 billion valuation for his refinery business ahead of a planned Nigerian stock market listing.
The company could sell up to a 10% stake, potentially raising around $5 billion in one of Nigeria’s biggest capital market deals.
The 650,000-barrels-per-day refinery has transformed Nigeria’s fuel supply chain by reducing dependence on imported petroleum products.
Analysts say the planned IPO could deepen investor participation in Nigeria’s energy sector while boosting interest in Africa’s industrial expansion story.

The proposed listing of Dangote Petroleum Refinery & Petrochemicals could involve the sale of up to 10% of the company, implying a potential offering worth around $5 billion, Bloomberg reported, citing sources close to the discussions.

According to reports, a senior executive at the Dangote Group confirmed that the projected valuation reflects the company’s internal expectations but declined to comment further on the timing or structure of the transaction.

The planned listing comes as rising global crude oil prices and stronger domestic fuel consumption improve the refinery’s commercial outlook. Located in the Lekki Free Zone in Lagos, the facility has a refining capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.

Employees work at computer terminals on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Monday, Oct. 26, 2015. [George Osodi/Bloomberg via Getty Images]

Since beginning large-scale production of petrol, diesel and aviation fuel, the refinery has reshaped Nigeria’s fuel supply chain, reducing reliance on imported petroleum products and increasing local refining capacity in Africa’s biggest oil producer.

Dangote recently indicated that Nigerian investors would soon have an opportunity to buy shares directly in the refinery business, signalling a broader push to attract domestic participation in the energy sector.

Analysts say the transaction could become one of the largest listings in the history of Nigeria’s capital market if it is successfully completed.

They also note that the refinery’s growing petrochemicals operations and expansion into products such as linear alkyl benzene, used in detergent manufacturing, could strengthen investor interest across African and international markets.