VIDEO: Dangote targets 10 million shareholders in refinery IPO

Dangote Refinery, operated by Dangote Industries Limited, has announced plans to list its shares on the New York Stock Exchange following a significant expansion that will boost its crude-processing capacity to 1.4 million barrels per day by early 2029. The company's chairman, Aliko Dangote, revealed this during the Qatar Economic Forum, stating that the New York listing would follow the refinery's initial public offering in Nigeria and the completion of its capacity expansion.

Dangote Refinery's Nigerian IPO, priced at N525 per share, began on September 14 and is set to close on October 13, with an initial offering of 4.1 billion new ordinary shares. The expansion, which currently raises the refinery's daily capacity from 700,000 to 1.4 million barrels, aims to strengthen the company's position as a leading supplier of refined petroleum products in Nigeria and across Africa.

The company intends to list on the New York Stock Exchange after its Nigerian IPO, providing access to a wider pool of investors who are not based in Africa. Dangote Refinery is also exploring the possibility of listing on other African stock exchanges in the future, although the Nigerian IPO remains the immediate priority. The expansion aligns with Dangote's broader strategy to establish a refining presence across Africa, with discussions underway in August regarding East African countries' potential equity stakes in the project.