Aliko Dangote plans to seek a valuation of as much as $50 billion for his refinery business in an initial public offering (IPO) this year, capitalizing on elevated oil prices that enhance its regional supply role, people with knowledge of the matter said, according to a Bloomberg report.
Dangote Petroleum Refinery & Petrochemicals FZE could sell up to 10% of its shares through a Nigerian listing, implying a deal size of $5 billion, the people said.
A senior Dangote executive confirmed the target aligns with current plans but declined further comment.
Expansion Funding
Proceeds will fund a doubling of capacity from 650,000 barrels a day, cementing its jet-fuel pivot to Europe amid Middle East disruptions. The company may trim the float or stagger sales based on market reception, with a London secondary listing under consideration.
Dangote, valued at $36 billion on the Bloomberg Billionaires Index, also readies cement and fertilizer units for IPOs, alongside a London dual-listing for Dangote Cement Plc.
Strategic Context
The ambitious tag reflects refinery ramp-up success and oil at $100-plus, positioning the Dangote Group as Africa’s industrial champion. A $50 billion cap would dwarf most emerging-market listings, drawing global funds to Nigeria’s frontier rebound.
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