Dangote refinery prepares IPO on Nigerian Exchange, appoints advisers

Stanbic IBTC is expected to coordinate the international placement and manage relationships with foreign investors. Vetiva will contribute its expertise in the local market and retail investor distribution, while FirstCap will focus on placements with Nigerian institutional investors, particularly pension funds. The group plans to float between 5% and 10% of the refinery’s capital, whose construction cost $20 billion. According to several analyst estimates, the company could be valued between $40 billion and $50 billion, which would push the total market capitalization of the Lagos stock exchange beyond ₦200 trillion. The offering could also introduce a new structure to the Nigerian market: investors would purchase shares in naira while having the option to receive dividends in US dollars. The mechanism, supported by the refinery’s expected $6.4 billion in annual export revenues, is currently being reviewed by the Securities and Exchange Commission (SEC) and the NGX. The Dangote Group is already well represented on the Nigerian Exchange through three listed companies: Dangote Cement, Dangote Sugar Refinery and NASCON Allied Industries. These firms rank among the largest market capitalizations on the Nigerian market, with Dangote Cement in particular being one of the most valuable companies listed in Lagos. Together, these companies account for a significant share of the exchange’s total market capitalization, highlighting the influence of the conglomerate founded by Aliko Dangote on Nigeria’s stock market. Located in the Lekki Free Zone near Lagos, the Dangote Petroleum Refinery and Petrochemicals complex has a processing capacity of 650,000 barrels of crude oil per day, making it Africa’s largest refinery and the world’s largest single-train refining facility. Commissioned in 2023 after nearly a decade of construction and an investment estimated at around $20 billion, the complex is designed to meet most of Nigeria’s demand for refined petroleum products while generating substantial export volumes. The site is supported by a pipeline network of around 1,100 kilometres, one of the largest of its kind globally. Dangote Group has also announced plans to expand the refinery’s capacity to 1.4 million barrels per day, which would make the complex the largest refining site in the world. According to the timeline outlined by the group, the prospectus could be submitted to the SEC in April, followed by a national roadshow and the launch of the subscription in May, with a listing on the NGX main board expected between June and July 2026.

Dangote refinery prepares IPO on Nigerian Exchange, appoints advisers

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