Dangote to list in US after 1.4mbpd expansion

The Dangote Petroleum Refinery and Petrochemicals has disclosed its intent to list on the United States stock exchange after completing its planned expansion to 1.4 million barrels per day, President of the Dangote Group, Aliko Dangote has revealed.

Dangote disclosed this in an interview with CNN, saying the US listing would come after the refinery doubles its current capacity within the next two and a half years.

“After we have gone to 1.4 million bpd in the next two and a half years, we will now list in the U.S.,” Dangote said.

He said the expansion would position the Lagos-based refinery as the largest refinery in the world, alongside a major petrochemical complex.

Dangote’s disclosure comes as the refinery prepares for its initial public offering on the Nigerian Exchange, which is scheduled to open on September 14.

The company plans to offer 4.1 billion shares at ₦525 each, potentially raising about ₦2.15 trillion from the Nigerian market.

Dangote said the decision to first list the refinery in Nigeria was aimed at giving Africans an opportunity to own a stake in the business.

He described the planned Nigerian IPO as potentially the biggest in Africa and said demand for the shares had been strong.

The refinery currently has a processing capacity of about 700,000 barrels per day. Its planned expansion to 1.4 million bpd is expected to increase its supply of refined products to international markets.

Dangote said the expanded refinery would become a major supplier of jet fuel to the global market and a leading supplier of diesel.

The planned expansion is also central to Dangote’s broader strategy to build an integrated refining and petrochemical complex capable of serving both the Nigerian and international markets.

Reuters reported earlier this week that the refinery has put forward a $14.3 billion expansion plan that would double its capacity to 1.4 million bpd.

The refinery, which began operations in 2024, is also preparing for its Nigerian share sale as it seeks fresh capital for expansion.