Dangote Refinery is set to open its initial public offering (IPO) within the next 10 to 12 days as the company moves to raise fresh capital to finance the expansion of Africa’s largest refinery.

Owner and Africa’s richest man, Aliko Dangote, announced the timeline on Thursday while speaking to investors and analysts in Botswana.

He said the company’s immediate ambition is to significantly expand the refinery’s capacity as demand for refined petroleum products continues to grow.

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“So our dream is that we want to make sure we double the capacity of the refinery ... which will take us to 1.4 million barrels per day.

“The IPO will open in the next 10 to 12 days,” Dangote said.

The refinery, which currently has a nameplate capacity of 650,000 barrels per day, reached full capacity in February 2026 and has already tested output at about 700,000 barrels per day.

The IPO is expected to raise about US$5 billion and could become the largest public offering on the African continent.

The planned listing comes at a time when refining margins have benefited from disruptions in global fuel supply. Turmoil in the Middle East has increased demand for alternative sources of refined petroleum products.

Dangote also disclosed plans for a secondary listing of Dangote Cement on the London Stock Exchange, which he expects to take place in October. The move is expected to give the company wider access to international investors and capital.

Beyond Nigeria, the Dangote Group is also preparing to expand its refining operations into East Africa through a proposed refinery on Kenya’s coast.

The project, being developed in partnership with East African governments, is expected to take up to three years to complete and will supply refined petroleum products to Kenya and neighbouring countries.

It will represent the Dangote Group’s biggest refining investment outside Nigeria.

“We are launching it on September 30,” Dangote said.

ANAS/MA

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