Dangote Refinery plans October IPO targeting Nigerian retail investors

Dangote Petroleum Refinery is planning an initial public offering (IPO) on the Nigerian Exchange in October, with a strategic focus on domestic retail investors. Chief Executive David Bird described the move as a mandate to create “the people’s IPO,” aiming to encourage mass participation among ordinary Nigerians rather than prioritizing foreign institutional funds.

The company has ruled out an overseas listing for at least three years, intending to first establish a proven track record of production and financial results. The refinery, which has a nameplate capacity of 650,000 barrels per day, recently served as a major supplier of jet fuel to Europe.

While the exact valuation and amount to be raised remain undisclosed, some estimates suggest the offering could reach a US$5 billion value. The listing is expected to involve a syndicate of investment banks, including Stanbic IBTC Capital, Vetiva Capital Management, and FirstCap. Economists suggest the IPO could significantly impact the Nigerian Exchange market capitalization.