The initial public offering (IPO) of the Dangote Refinery is expected to open within the next 10 to 12 days, President of Dangote Industries Limited, Aliko Dangote, has disclosed.
Dangote made the disclosure on Thursday while speaking to investors and analysts in Botswana, according to Reuters.
The $20 billion refinery, located in Lagos and regarded as Africa’s largest, is expected to raise about $5 billion through the offering. If successful, the IPO could become the largest public offering in Africa.
“Our dream is that we want to make sure we double the capacity of the refinery, which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” Dangote said.
The refinery reached its designed production capacity of 650,000 barrels per day in February and has subsequently exceeded that level, with test production reportedly reaching 700,000 barrels per day.
Dangote Industries does not publicly disclose the refinery’s profit margins. However, refiners globally have enjoyed stronger earnings in recent months amid increased demand for alternative fuel supplies following instability in the Middle East.
Beyond the planned refinery IPO, Dangote outlined several expansion plans for his industrial conglomerate during his visit to Botswana.
Dangote Cement is also preparing for a secondary listing on the London Stock Exchange, potentially in October. The move is expected to give the company access to a broader pool of international investors.
Dangote further confirmed plans to expand the group’s refining operations beyond Nigeria with the proposed construction of a new refinery on Kenya’s coast.
The project is expected to involve partnerships with East African governments and will supply refined petroleum products to Kenya and neighbouring countries, helping to reduce the region’s dependence on fuel imports.
The proposed Kenyan facility would represent Dangote Group’s largest refining investment outside Nigeria, with construction expected to take up to three years.
The planned expansion underscores the group’s ambition to strengthen its position across Africa’s energy and industrial sectors while attracting greater international investment.
