Dangote Refinery aims for $5 billion October IPO, Kenya to invest $500 million

Nigeria's Dangote Petroleum Refinery & Petrochemicals is preparing a $5 billion initial public offering expected to close by October, a deal that could become the largest stock‑market listing in African history. The company has submitted its IPO application to the Nigerian Securities and Exchange Commission and anticipates publishing a prospectus in September, with the primary listing on the Nigerian Exchange.

Proceeds are intended to fund the ongoing expansion of the 650,000‑barrel‑per‑day Lagos refinery and support future replication projects across the continent. Kenya’s capital markets are reported to be ready to contribute up to $500 million, roughly 10% of the target, while exchanges in South Africa, Egypt, Ghana and Rwanda have also shown interest in facilitating investor access.

The IPO follows a recent $2.5 billion private placement that valued the refinery at about $40 billion, underscoring the scale of the asset and its significance for Africa’s energy independence ambitions.