Dangote refinery targets world’s largest by 2028

Chief Executive Officer Aliko Dangote of the Dangote Group has revealed his ambition to transform the Dangote refinery, currently Africa's largest at 700,000 barrels per day, into the world's largest by 2028. At the preliminary signing ceremony for the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, Dangote announced the IPO would comprise 4.1 billion ordinary shares valued at N525 each, raising just over N2tn.

The IPO's minimum subscription is set at 10 shares. Dangote emphasized the significance of the energy sector in industrialization, stating that the company's vision for 2030 aims to accelerate Africa's industrialization. He also highlighted the company's history of overcoming obstacles, including a five-year struggle to secure a location for the refinery.

Dangote credits bank trust for providing early financial backing. The refinery's CEO, David Bird, noted the company's status as the largest jet fuel supplier to Europe and shared Dangote's vision for the refinery's future. The IPO, described as "for the people," aims to democratize ownership across all socioeconomic classes, enabling everyone in Africa to participate in the refinery's success.