Dangote to Sell 10% Refinery Stake in Landmark Pan-African IPO, Ethiopian Exchange Among Targeted Listings

EBR_News Apr 17, 2026

By Betegbar Yaregal

Aliko Dangote, Africa’s richest man, has unveiled plans to sell approximately 10 percent of his $20 billion oil refinery through a landmark pan-African initial public offering (IPO) in 2026, a move that could transform continental capital markets while raising billions to fund a $40 billion expansion drive across refining, fertiliser, and mining.

The announcement was made during an event hosted by the Atlantic Council in Washington, D.C., on Thursday, with Dangote confirming that the Dangote Petroleum Refinery and Petrochemicals FZE will pay dividends to shareholders in US dollars after listing.

While specific financial details remain undisclosed, analysts estimate the offering could value the 650,000-barrel-per-day facility at between $40 billion and $50 billion, potentially making it Africa’s most valuable listed company.

The proposed IPO represents a significant moment for Ethiopia’s capital markets. The Ethiopian Securities Exchange (ESX) has been actively involved in preparatory discussions alongside major African exchanges, including the Johannesburg Stock Exchange, Nairobi Securities Exchange, Ghana Stock Exchange, and BRVM.

In early April, ESX executives participated in a closed‑door session convened by NGX Group in Lagos to advance cross‑border listings and investor participation across African markets, with the Dangote refinery serving as a “test case” for continental capital formation. A secondary listing in Addis Ababa would be a first for ESX, potentially paving the way for future pan-African equity offerings.

The share sale is part of a broader five‑year, $40 billion investment strategy aimed at quadrupling fertiliser output, more than doubling refinery capacity to 1.4 million barrels per day, and establishing potash and phosphate plants in the Democratic Republic of Congo alongside copper refining projects in Zambia. This expansion is expected to create 150,000 jobs and train 60,000 engineers, according to IMF estimates cited by analysts.

The refinery, which recently reached full operational capacity, has already emerged as a strategic supplier of jet fuel to Europe amid Middle East supply disruptions. According to tanker‑tracking firm Kpler, Nigeria’s exports of clean petroleum products rose to about 214,000 barrels per day in March, with Dangote exporting 12 cargoes totalling 456,000 tonnes of premium motor spirit to countries including Côte d’Ivoire, Ghana, and Tanzania.

Alan Gelder, Senior Vice President at Wood Mackenzie, described the refinery as “highly profitable,” noting that diesel exports rose to about 79,500 barrels per day in April from 73,600 in March, while gasoline shipments reached 50,100 barrels per day. The facility generates an estimated $6.4 billion in annual export revenue and supplies 35‑50% of Nigeria’s petrol demand while positioning the country as a net exporter for the first time in decades.

The IPO, expected to list on the Nigerian Exchange main board between June and July 2026, is being advised by Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap.

A unique feature will allow investors to subscribe in naira while receiving dollar‑denominated dividends, backed by the refinery’s export revenues.