Dangote Announces Plan to List Refinery in US Stock Market After Nigeria IPO, Discloses Timeline
- Aliko Dangote plans to list the 700,000-barrel-per-day Dangote Refinery in the United States within the next three to four years
- The refinery’s IPO is mainly aimed at giving more Nigerians and Africans the opportunity to own shares, while its capacity is expected to double by 2030
- Dangote said the company could become Africa’s largest by year-end and is also planning a 400,000-metric-tonne linear alkylbenzene plant
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Africa’s richest businessman, Aliko Dangote, has revealed plans to take his 700,000-barrel-per-day refinery to the international capital market, with a possible listing in the United States within the next three to four years.
Dangote disclosed the plan in Lagos during the “Facts Behind the Offer” event held at the Nigerian Exchange, shortly after the refinery’s initial public offering opened on Monday, September 14, 2026.
Source: UGC
He said the company intends to expand beyond Africa’s capital markets once the business reaches a significantly larger scale.
He stated:
“In the next three years, by the grace of God, three to four years or thereabouts, we will try and also list outside the African continent, most likely in the U.S.”
According to him, a US listing could position the refinery as a major player in the American energy market, potentially representing about 10 per cent of the country’s refining capacity.
Dangote Refinery IPO Designed to Broaden Ownership
Dangote explained that the ongoing share offering is primarily aimed at giving more Nigerians and Africans an opportunity to own a stake in the refinery rather than simply raising fresh capital.
He said the company already has access to substantial funding for its expansion plans, with about $46 billion reportedly in the pipeline to support the refinery’s growth and its broader 2030 strategic objectives.
The refinery plans to use the proceeds of the transaction as part of efforts to double its capacity by 2030.
Dangote also sought to reassure investors that the business, which operates largely in dollar-linked markets, could provide some protection against the impact of naira depreciation.
He added that dividends are expected to be paid in US dollars, arguing that investors would therefore have exposure to a business with significant dollar-denominated earnings.
Private placement attracts strong investor demand
Dangote said the refinery’s $2.5 billion private placement concluded in July generated significantly more interest than initially anticipated, particularly from institutional investors and high-net-worth individuals.
Source: UGC
He noted that the $2.5 billion was originally the total amount the refinery planned to raise through both the private placement and the public offering. However, the strong response to the private placement meant the company achieved that target earlier than expected.
Dangote maintained that the refinery could become Africa’s largest company by the end of the year, stressing that an asset of such scale should create opportunities for millions of people rather than benefit only a small group of investors.
Source: Legit.ng
