The upcoming public listing of the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) is generating significant momentum, with the company securing over $2 billion in indications of interest through its ongoing private placement.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, disclosed the overwhelming investor response on Wednesday during a high-profile tour of the facility located in Ibeju-Lekki, Lagos.
The delegation was led by the Chairman of First HoldCo, Femi Otedola, alongside several top executives who inspected the 650,000 barrels-per-day refinery, the fertilizer plant, and the deep-water jetty.
During the visit, Otedola announced a personal commitment of $100 million to the private placement.
He revealed that he had completely divested his stake in Geregu Power to free up the capital specifically for this investment.
Dangote noted that while investor demand has been immense, the company will not be able to fulfill every allocation request.
He stated that the level of interest reflects deep institutional confidence in the refinery’s operations and the broader outlook for industrialization across Africa.
He further outlined the roadmap for the company’s public debut, indicating that Dangote Industries is targeting September 2026 for the official launch of the Initial Public Offering (IPO).
According to Dangote, the listing is structured to encourage widespread public participation, with the goal of broadening equity ownership among everyday citizens and retail investors across the continent.
Built at an estimated cost of $20 billion over more than a decade, the mega-refinery successfully commenced commercial production of diesel, aviation fuel, and premium motor spirit (petrol) in 2024.
Reports from Bloomberg indicate that the Dangote Group is targeting a total valuation of up to $50 billion for the refinery business.
The group plans to offer up to a 10 percent stake during the public listing, a transaction that could be valued at approximately $5 billion, making it poised to become one of the largest capital market transactions in African history.
Looking beyond Nigeria, Dangote also revealed plans to develop a new 700,000 barrels-per-day refinery in East Africa, which will feature integrated polypropylene and base oil production facilities.
He noted that construction on the East African project could begin within the next three to four years, pacing well ahead of the group’s initial Vision 2030 development timelines.