Dangote Eyes $50 Billion Refinery Valuation Ahead of Landmark Pan-African IPO

Aliko Dangote, President of the Dangote Group, is targeting a $50 billion valuation for his Dangote Petroleum Refinery & Petrochemicals before a planned stock market listing later this year, according to Bloomberg.

The 650,000-barrel-per-day refinery, which began operations in 2024, could see up to 10% of its shares worth roughly $5 billion offered on the Nigerian exchange. A senior executive confirmed the valuation aligns with internal expectations but declined further comment.

The planned listing comes as stronger global crude prices and rising domestic fuel demand boost the refinery’s commercial outlook.

Bloomberg also reported that Dangote is preparing a cross-border public offering across multiple African stock exchanges, potentially the first pan-African IPO of its scale. Talks recently took place between Dangote and heads of several African bourses under the African Securities Exchanges Association.

Frank Mwiti, CEO of the Nairobi Securities Exchange, described plans for a coordinated framework to ease regulatory barriers and enable continent-wide investor participation. A Dangote Group spokesperson confirmed the meeting but gave no further details.

Dangote had earlier revealed intentions to list about 10% of the refinery on the Nigerian Exchange Group in 2026.

A consortium of financial advisers including Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap Limited has been appointed. FirstCap’s CEO, Ukandu Ukandu, confirmed they are already working on the transaction structure.

A multi-exchange listing could deepen liquidity in African markets and position Nigeria as a cross-border investment hub, especially as the country eyes a return to the FTSE Russell Frontier Markets Index.

The world’s largest single-train refinery currently processes 650,000 barrels per day, but Dangote plans to more than double that to 1.4 million barrels per day within three years, rivaling giants like India’s Mukesh Ambani.

The African Export-Import Bank recently backed this expansion with a $2.5 billion underwrite as part of a $4 billion syndicated facility.