No foreign listing for now as Dangote Refinery eyes retail-focused IPO

International Finance Business Desk — Mon, 17 Aug 2026 03:00:13 +0000

Dangote Petroleum Refinery’s planned October 2026 IPO, which could become Africa’s largest, has been designed to let Nigerians share in the company’s growth, said the CEO, David Bird, while stating that a foreign listing is at least three years away.

The ‌refinery has submitted an application for a USD 5 billion IPO to Nigeria’s Securities and Exchange Commission, as per the reports. The final size of the listing, however, is not decided yet.

“We really want to drive participation. The mandate of the IPO was to be the people’s IPO,” CEO David Bird told Reuters.

As per Bird, the African energy giant wanted at least three years of ⁠proven production and financial performance before pursuing an overseas listing, which could support a stronger valuation. London has been mentioned as a possible venue.

While Bird didn’t say anything about the IPO’s size or the refinery’s valuation, reports suggest that the company could take into account the USD 2.5 billion raised in a July private placement, which valued the refinery at about USD 40 billion.

ALSO READ | Ahead of IPO, Dangote refinery hits another production milestone

The refinery, owned by Africa’s richest man, Aliko Dangote, has emerged as a major beneficiary of the Iran war-related disruption, selling jet fuel across Africa and into western Europe as buyers sought alternative supplies. As per Bird, the company became Europe’s largest supplier of ‌jet ⁠fuel in June and July.

“Preparations for the IPO were on schedule, and investor interest had been strong during pre-marketing and the July private placement,” he stated further.

Africa Finance Corporation has already led a group of strategic investors in Dangote’s private placement, adding that the deal was 3.7 times subscribed and attracted strong demand ⁠from African and international institutional investors.

Bird said his venture compared favorably with American refining assets because of its access to local crude supplies, strong domestic demand, and integrated operations.

He also confirmed the company’s plans to double its refining capacity to 1.4 million barrels per day within three years, which will be funded partly through the IPO and debt. The expansion would cost substantially less than the roughly USD 20 billion spent on the ⁠original refinery.

“Africa remains structurally short of refined fuels and petrochemicals, creating significant room for growth. The refinery supplies most of Nigeria’s gasoline and diesel demand and all of its jet fuel needs,” Bird remarked.

While the CEO has dismissed claims about Dangote’s immediate foreign listings, reports discussed the Johannesburg Stock Exchange engaging with the group, with the exchange’s spokesperson even mentioning that the company could list ‌its petroleum refinery in South Africa after a Nigerian IPO.

While the JSE said, “They (Dangote) will list in Nigeria first but with strong intent to hopefully bring ⁠the listing to South Africa,” there were even rumors about the group looking for participation from the regional capital markets in Dangote’s October IPO, with Kenya potentially raising USD 500 million.

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No foreign listing for now as Dangote Refinery eyes retail-focused IPO