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Nigerian businessman Aliko Dangote is targeting a $50 billion valuation for his landmark petroleum refinery ahead of a highly anticipated stock market debut later this year.
According to Bloomberg, the plan involves floating up to a 10 per cent stake in the company, which could result in a $5 billion offering.
The refinery, which began operations in 2024, is benefiting from strong global oil prices and surging domestic demand, solidifying its position as a dominant force in the regional energy market.
In a move that could transform African capital markets, Dangote is exploring a pan-African initial public offering (IPO).
This strategy would see shares listed across multiple African exchanges, allowing a broad range of continental investors to participate in the ownership of the $20 billion facility.
Financial advisers have already been appointed to structure this cross-border framework, which aims to harmonise trading across jurisdictions and position Nigeria as a central hub for regional investment.
The capital raised from the listing is expected to fuel an ambitious expansion project.
While the refinery is already the world’s largest single-train facility with a capacity of 650,000 barrels per day, Dangote intends to more than double that output to 1.4 million barrels per day within three years.
Supported by a recent $4 billion syndicated financing facility, this expansion would place the refinery on a scale that rivals the largest global refining operations in the world.
