Dangote Refinery to double capacity, 5-10% IPO on Nigerian Exchange

Aliko Dangote said on Sunday that his Dangote Petroleum Refinery will sell a minority stake and undertake a major capacity expansion that would more than double output and make the plant the largest single-site refinery in the world. He said the company plans to list between 5 and 10 percent of the refinery on the Nigerian Exchange within the next year and to raise refining capacity from the current 650,000 barrels per day to 700,000 bpd by the end of this year and to 1.4 million bpd within the next three years.

Dangote said the share sale will be gradual and dependent on investor appetite and market conditions, noting, "We do not want to keep more than 65 to 70 percent." He said the group is seeking strategic partnerships with investors in the Middle East and other financing arrangements to fund the expansion and related petrochemical projects, and he indicated the Nigerian National Petroleum Company could increase its existing 7.2 percent stake after the refinery demonstrates further performance.

The refinery, which began operations in 2024, already supplies a significant portion of Nigeria's fuel needs and has exported products abroad. Company plans announced alongside the...