Dangote mulls US listing for refinery
The plan would coincide with the refinery’s expansion by 2029.
Aliko Dangote, Africa's wealthiest man, is considering listing shares of his Nigeria refinery business on a U.S. stock exchange within the next four years. The refinery's initial public offering, launched in Lagos on Monday, aims to raise $1.6 billion, with a potential increase of up to 30% if the offer is oversubscribed. The refinery is valued at around $50 billion, more than double its construction cost.
Dangote told the IPO launch that the company plans to list outside Africa, most likely in the U.S. within the next three to four years, overlapping with its goal to double the refinery's output to 1.4 million barrels per day by early 2029. Refinery chief financial officer Bruce Tanner stated that the company will definitely seek international secondary listings following the ramp-up in production.
The Nigerian refinery's daily capacity of 700,000 barrels surpasses every refinery currently operating in the U.S., making it the largest in the world upon doubling. This expansion will enable Dangote to meet African fuel demand beyond Nigeria, where it has become the most influential supplier since its launch in September 2024.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
