Nigeria-based mega Dangote Refinery is planning to list on multiple exchanges across Africa as it nears the debut of its initial public offering (IPO).
According to multiple sources who confirmed to Energy in Africa, top officials from the refinery met with the chief executive of the Nairobi Securities Exchange as part of plans for a cross-border listing in the coming months.
The refinery is expected to list between 5% and 10% of its shares, with estimates suggesting it could raise about $5 billion from investors.
According to a Bloomberg report obtained by Energy in Africa, the CEO of the Nairobi Securities Exchange, Frank Mwiti, held a closed-door meeting with Aliko Dangote, president of the refinery, last week.
“The plan is to structure a pan-African IPO,” Mwiti confirmed in an email to Bloomberg.
Dangote has also hired Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd. and FirstCap Ltd. as advisers on the IPO, with multiple sources confirming the share sale could open as early as May.
Dangote had earlier stated that Nigerians may be able to invest in the refinery within four to five months. He made this disclosure in February, pointing to a possible mid-year timeline.
“Individually, Nigerians would have an opportunity. In the next maximum four to five months, there would be options to buy shares,” Dangote told journalists in February.
If completed, the listing would make the refinery one of the few Nigerian energy firms listed on multiple African exchanges, joining the likes of Oando and Aradel Holdings.
The refinery, built and completed in 2023, is valued at about $20 billion.
However, recent analyses suggest its valuation could rise to between $40 billion and $50 billion after the IPO, potentially making it the largest listing on the continent.
On April 1, the Nigerian Exchange Group and the African Securities Exchanges Association convened senior executives from leading exchanges across the continent to discuss the structure of the planned listing.
The meeting focused on how the Dangote Refinery IPO could serve as a model for cross-border capital mobilisation and improve investor access across African markets.
Financial backing for the refinery has continued to grow, with the African Export-Import Bank underwriting $2.5 billion of a $4 billion syndicated loan.
The planned listing is widely seen as a defining moment for Africa’s financial markets, as it demonstrates the scale of capital that can be raised within the continent.
It also reflects growing collaboration among African exchanges, which continue to explore ways to integrate markets and improve capital flows across borders.
