Dangote Petroleum Refinery has applied to Nigeria's Securities and Exchange Commission for a $5 billion initial public offering targeted for October, an IPO that could become Africa's largest. CEO David Bird told Reuters the final size is not yet decided, and a foreign listing; with London mentioned as a possible venue; is at least three years away, pending proven production and financial performance.
The IPO follows a $2.5 billion private placement in July that valued the refinery at roughly $40 billion. That round, led by Africa Finance Corporation, was 3.7 times oversubscribed with strong demand from African and international institutional investors — a signal Bird cited as evidence of robust appetite ahead of the listing. Bird described the offering as a "people's IPO" aimed at giving Nigerians a stake in the company, with owner Aliko Dangote previously saying he would place no cap on the stake sold, even if it exceeded 50%.
For investors, the scale and pricing matter beyond Nigeria: several African exchanges; Johannesburg, Egypt, Ghana, Kenya, and Rwanda — have held talks about a secondary or pan-African listing, though the JSE says any South African listing would follow, not precede, the Nigerian primary listing. Operationally, the refinery has benefited from Iran-related supply disruption, becoming Europe's largest jet fuel supplier in June and July, and it already covers most of Nigeria's petrol and diesel demand plus all jet fuel needs. Bird also confirmed plans to double refining capacity to 1.4 million barrels per day within three years, funded partly by IPO proceeds and debt, at a cost he said would be well below the original $20 billion build.
Investors should watch: final confirmation of IPO size and pricing, SEC approval timeline, the October listing date, and any update on a pan-African or London listing once the three-year performance window is met. Valuation figures ($40 billion) stem from the private placement and are not yet confirmed IPO pricing.
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