Dangote Plans $5 Billion IPO for Africa's Largest Refinery

The highly anticipated Initial Public Offering (IPO) for Nigeria's Dangote refinery is scheduled to open within the next 10 to 12 days. This offering is expected to raise around $5 billion, positioning it as the largest IPO on the African continent. Owner Aliko Dangote revealed this timeline while addressing investors in Botswana.

The refinery, already operating at full capacity and exceeding its nameplate production, plans to double its output to 1.4 million barrels per day. This expansion, coupled with the upcoming IPO, aims to broaden its access to international capital markets.

Further expanding his industrial empire's global reach, Dangote also announced that a secondary listing for Dangote Cement on the London Stock Exchange is likely in October. Beyond Nigeria, Dangote Group is also embarking on its largest refining investment outside its home country, with plans for a new refinery in Kenya to be launched on September 30, a project expected to take three years.

This new Kenyan refinery, a partnership with East African governments, will aim to supply refined petroleum products to Kenya and its neighbors, thereby reducing the region's dependence on imported fuels.