Dangote Group is reportedly targeting a valuation of up to $50 billion for its refinery business ahead of a planned initial public offering (IPO) expected later in 2026.
Gatekeepers News reports that the move is part of efforts by Africa’s richest businessman, Aliko Dangote, to open up the refinery business to investors through a public listing on the Nigerian Exchange.
The report stated that the Dangote refinery could sell up to 10 percent of its stake during the IPO, potentially making it one of the largest listings in Nigeria’s capital market history.
The 650,000 barrels-per-day refinery located in Lekki, Lagos, has significantly transformed Nigeria’s fuel supply chain since it began operations, reducing dependence on imported petroleum products and expanding exports to several African countries.
The planned IPO is expected to broaden the refinery’s investor base and support future expansion projects. Previous reports also indicated that investors may have the option of receiving dividends in either naira or US dollars because of the refinery’s export-driven revenue structure.
Dangote had earlier expressed confidence that the refinery project would demonstrate Africa’s industrial potential and encourage more large-scale investments across the continent.
