ABUJA — Aliko Dangote plans to list about 10 per cent of Dangote Petroleum Refinery and Petrochemicals FZE on multiple African stock exchanges as part of a broader expansion across his industrial operations.
He disclosed the plan in Washington on Thursday and said the refinery will pay dollar-denominated dividends to shareholders after the proposed initial public offering.
The company has engaged advisers for the listing, including Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap, as preparations advance for what could become one of Africa’s largest energy-sector offerings. “We will list as much as possible, maybe 10 per cent or so,” Dangote said, without providing valuation details.
The planned share sale is tied to a wider $40 billion investment programme covering oil refining, fertiliser production, and other industrial projects over the next five years. The group is targeting sectors where Africa faces persistent infrastructure and investment gaps.
Fertiliser production capacity is expected to be quadrupled, while refining capacity is projected to more than double. New projects are planned in Democratic Republic of Congo and Zambia, where potash, phosphate, and copper processing facilities are being considered.
The development comes as the 650,000 barrels-per-day refinery has reached full operational capacity after earlier ramp-up challenges. It has become a growing supplier of diesel and jet fuel to markets across Africa and parts of Europe.
Okay News reports that the refinery has continued to expand its export footprint. On March 22, 2026, it exported 456,000 tonnes of refined petroleum products across 12 cargoes, including Premium Motor Spirit, to countries such as Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo. A total of 17 gasoline cargoes were shipped to other African markets within the same period.
Despite operating at full capacity, further expansion is being pursued. The African Export-Import Bank has underwritten $2.5 billion of a $4 billion syndicated loan for the project, while a $400 million agreement has been signed with XCMG Construction Machinery Co., Ltd. to support additional infrastructure.
The refinery is expected to scale production from 650,000 barrels per day to 1.4 million barrels per day, a move that could position it as the largest refinery globally upon completion. Polypropylene output is also projected to rise from 900,000 metric tonnes per annum to 2.4 million metric tonnes per annum.
