Dangote refinery IPO seeks $5 billion, Kenya and South Africa line up for participation

Aliko Dangote’s Dangote Petroleum Refinery & Petrochemicals FZE is preparing an initial public offering that could raise about $5 billion, making it the largest share sale ever completed in Africa. The shares will list on the Nigerian Exchange in Lagos, with the offering targeted for October.

Kenyan investors, especially pension funds, are expected to contribute up to $500 million through structured vehicles such as global depositary receipts, according to Reuters sources. The Nairobi Securities Exchange is working on the necessary framework, while the Johannesburg Stock Exchange has confirmed discussions about a possible secondary listing in South Africa after the primary Nigerian debut.

Interest is also being gauged in Egypt, Ghana and Rwanda, highlighting the refinery’s appeal as a pan‑African investment. The 650,000‑barrel‑per‑day facility, built at an estimated cost of $20 billion, began full‑capacity operations in 2024 and is valued at roughly $40 billion after a recent private placement. Nigeria’s state oil firm NNPC holds just over 7% of the refinery.