Africa’s richest man, Aliko Ɗangote, is preparing to take his flagship refinery business public with a projected valuation of up to $50 billion, in what could become the largest stock market listing in African history.
According to Bloomberg, the planned Initial Public Offering (IPO) will see the company offer up to 10% of the refinery to investors, potentially raising about $5 billion on the Nigerian Exchange later this year.
The ambitious valuation marks a dramatic rise from earlier estimates of $20–$25 billion in late 2025, reflecting stronger operational performance, growing fuel demand, and increasing export activity from the refinery.
Located in the Lekki Free-Trade Zone in Lagos, the 650,000 barrels-per-day facility is now regarded as Africa’s largest refining complex and the world’s biggest single-train refinery. Since commencing large-scale production of petrol, diesel and aviation fuel, the refinery has significantly reduced Nigeria’s dependence on imported fuel while boosting local refining capacity.
The refinery, commissioned in May 2023 after nearly a decade of construction and an estimated $20 billion investment, reached full processing capacity in February 2026.
Ɗangote had earlier hinted that ordinary Nigerians would soon be able to purchase shares in the refinery, a move seen as part of broader efforts to deepen local participation in the energy sector.
One of the most striking features of the IPO is its proposed dividend structure, which allows investors to buy shares in Naira while receiving returns in US dollars, backed by an estimated $6.4 billion annual revenue from petrochemical exports.
Industry analysts believe the listing could reshape African capital markets due to its scale and strategic importance. Comparisons have already been drawn with Saudi Aramco’s historic 2019 market debut, which brought one of the world’s most valuable energy assets to public investors.
To oversee the offering, the Ɗangote Group has appointed a consortium of financial advisers including Stanbic IBTC Capital, Vetiva Capital Management and FirstCap to manage international, retail and institutional investor participation in the landmark transaction.
