What valuation is Dangote targeting for its refinery arm’s IPO, and how much stake might be offered in the Nigeria listing?

Aliko Dangote is targeting a valuation of up to $50 billion for his refinery business, Dangote Petroleum Refinery & Petrochemicals FZE, in a planned Nigeria listing this year; the company could sell as much as a 10% stake, implying an offering size of up to $5 billion, though the final amount may be smaller depending on market conditions.

What will the IPO proceeds be used for, and what is the current refining capacity of Dangote’s refinery?

Proceeds from the initial public offering will be used to double Dangote’s oil-refining capacity, which currently stands at about 650,000 barrels per day; the refinery is also becoming an increasingly important source of jet-fuel supplies to Europe.

Dangote Said to Seek $50 Billion IPO Valuation for Refinery Arm

May 11, 2026

Dangote Group targets a $50 billion valuation for its refinery arm via an IPO, aiming to sell a 10% stake to double refining capacity to 650,000 barrels daily, with potential London listings planned.

bloomberg

2026-05-11

Dangote Said to Seek $50 Billion IPO Valuation for Refinery Arm

2026-05-21

Dangote’s Refinery Private Placement Draws $2 Billion of Demand

2026-07-24

Dangote Targets $100 Billion Empire With Oil and Fertilizers

2026-08-05

Dangote has 'strong intent' for South Africa listing after Nigeria IPO - JSE

Dangote Said to Seek $50 Billion IPO Valuation for Refinery Arm

FAQ