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Dangote Petroleum Refinery is preparing a massive initial public offering in October in Nigeria to allow local investors to share in its growth.
CEO David Bird told Reuters that the company aims to make the offering “the people’s IPO,” emphasising that “we really want to drive participation.”
While a source familiar with the matter revealed the refinery submitted a $5 billion IPO application to Nigeria’s Securities and Exchange Commission, Bird declined to comment on specific valuation figures.
He said that the company will wait at least three years to establish proven performance before pursuing an overseas listing in markets like London.
Investor interest remains exceptionally high following a $2.5 billion private placement in July that was 3.7 times oversubscribed and valued the refinery at roughly $40 billion.
The facility, owned by Africa’s richest man Aliko Dangote, currently meets all of Nigeria’s jet fuel needs and most of its gasoline and diesel demand.
Supply disruptions stemming from the war in Iran further boosted the company’s global footprint, turning the refinery into Europe’s top jet fuel supplier in June and July.
The company plans to use IPO proceeds and debt financing to double its refining capacity to 1.4 million barrels per day over the next three years.
Bird noted that this expansion will cost significantly less than the original $20 billion buildout.
He highlighted that “Africa remains structurally short of refined fuels and petrochemicals,” positioning the refinery for long-term regional growth while outperforming international peers through access to local crude and integrated operations.
