Nigeria’s billionaire industrialist Aliko Dangote is preparing to sell about 10% of the Dangote Petroleum Refinery through a multi-exchange listing across Africa, in a major financing move aimed at supporting a $40 billion expansion program.
The proposed listing is designed to open up the refinery to a broader pool of investors across multiple African stock markets, marking what could become one of the continent’s most ambitious cross-border capital market transactions.
The share sale is expected to generate significant funding for Dangote Group’s next phase of growth over the coming five years. The capital will be used to expand refinery operations, scale up fertiliser production, and finance new industrial projects across Africa.
The plan is part of the group’s long-term Vision 2030 strategy, under which Dangote aims to transform his conglomerate into a $100 billion revenue business by the end of the decade, according to Business Insider Africa.
Initially, the company had considered listing around 5% of the refinery on the Nigerian Exchange. However, the strategy has since expanded into a wider Africa-focused model, allowing multiple exchanges to participate and significantly increasing the size and reach of the offering.
If successful, the approach could help deepen African financial markets by encouraging cross-border investment, improving liquidity, and positioning regional exchanges as viable platforms for large-scale infrastructure and energy fundraising.
Another key attraction for investors is the refinery’s plan to pay dividends in U.S. dollars. This feature is expected to appeal strongly to both local and international investors, particularly in markets facing currency volatility.
Beyond oil refining, the expansion programme includes a wide range of industrial projects. These involve more than doubling refinery capacity, significantly increasing fertiliser output, and developing new facilities such as potash and phosphate plants in the Democratic Republic of Congo, as well as copper refining operations in Zambia.
These investments reflect Dangote’s broader strategy of building a vertically integrated industrial network across Africa, connecting energy, agriculture, and mining value chains to support long-term economic growth.
Speaking recently in Washington, Dangote described the group’s plans as an “ambitious program across all businesses,” underscoring his focus on large-scale industrial expansion across the continent.
The proposed listing highlights both the scale of Dangote’s industrial ambitions and the growing role of African capital markets in financing major private-sector projects.
