The Dangote Petroleum Refinery and Petrochemicals is targeting a listing on a United States stock exchange within the next three to four years, as the company moves ahead with plans to expand its refining and petrochemical operations.
Key Highlights:
- Dangote Refinery plans a US stock exchange listing within 3–4 years.
- Dangote Group has a $46bn investment pipeline toward its 2030 goals.
- Refinery capacity is expected to rise to 1.4m barrels per day by 2029.
- The IPO offers 4.1bn shares at N525 each, targeting N2.15tn.
- Dangote says the IPO aims to broaden Nigerian ownership and wealth creation.
President of Dangote Industries Limited, Aliko Dangote, disclosed this on Monday in Lagos, during the launch of the refinery’s Initial Public Offering (IPO) on the Nigerian Exchange.
Dangote said the planned US listing would follow further expansion of the refinery and other investments under the group’s long-term growth strategy.
“In the next three to four years, by the grace of God, we’ll try and also list outside the African continent, most likely in the US,” he said.
He revealed that the Dangote Group currently has an investment pipeline of about $46 billion earmarked for expanding its businesses and achieving its 2030 growth targets.
“We have an amount of money that we want to spend to expand the group-wide operations. We have $46 billion in the pipeline to invest in and expand our various businesses to take us to the 2030 vision,” Dangote said.
According to him, the group remains committed to using the Nigerian Exchange as a major platform for connecting its businesses with Nigerian investors, stressing that all companies operated by the group would eventually be listed.
“We as a group will list every single company that we operate,” he said.
Dangote also projected that the group’s market capitalisation could reach at least $350 billion by 2030, based on a 10-times price-to-earnings ratio.
He said the refinery’s expansion programme would increase its refining capacity to about 1.4 million barrels per day, with reports putting the cost of the expansion at $14.3 billion and completion targeted for 2029.
The billionaire industrialist explained that the refinery’s IPO was not primarily driven by the need to raise funds, saying the group had already secured sufficient financing for its immediate projects.
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Rather, he said the public offering was designed to broaden ownership and allow more Nigerians to participate in the wealth generated by the refinery.
“The primary purpose of this offer is to democratise wealth creation,” Dangote said.
The IPO involves 4.1 billion ordinary shares offered at N525 per share, targeting about N2.15 trillion. The offer opened on September 14 and is scheduled to close on October 13, 2026.
Dangote said the group had initially targeted $2.5 billion through a combination of private placement and the public offer, but strong demand during the private placement resulted in about $1.2 billion in applications being returned.
He said the refinery, which commenced operations in 2024, currently has a refining capacity of about 700,000 barrels per day and is expected to become one of Africa’s largest companies by revenue and profitability.
Chairman of the Nigerian Exchange Group, Umaru Kwairanga, described the IPO as a major opportunity to demonstrate the capacity of Nigeria’s capital market to support large-scale enterprises and connect them with a wider pool of investors.
Lagos State Governor, Babajide Sanwo-Olu, also said the transaction demonstrated that African investors could finance and invest in major businesses on the continent while helping deepen Nigeria’s capital market.
