Dangote Prepares $5 Billion IPO for Refinery, Eyes Africa Expansion

Dangote Group is preparing to list its massive refinery on the Nigerian stock market in an IPO worth up to $5 billion.

The listing is expected first in Nigeria, with follow-on offerings planned in South Africa and possibly Kenya. The refinery, one of the largest in Africa, is central to Dangote’s push to reduce Nigeria’s dependence on fuel imports.

Market watchers say the IPO could be one of the biggest in Nigerian history and may boost investor confidence in the manufacturing sector