Billionaire industrialist Aliko Dangote is reportedly targeting a $50 billion valuation for his refinery business ahead of a planned initial public offering (IPO) on the Nigerian stock market later this year.
According to reports, the company plans to sell up to a 10% stake in the business, which could raise around $5 billion in what may become one of Nigeria’s largest capital market transactions.
The 650,000-barrels-per-day refinery, located in the Lekki Free Zone in Lagos, has significantly reshaped Nigeria’s fuel landscape by reducing reliance on imported petroleum products and boosting local refining capacity.
A senior Dangote Group executive confirmed that the valuation reflects internal projections but declined to comment on the structure or timing of the listing.
The IPO comes amid stronger global crude oil prices and increasing domestic fuel demand, both of which have improved the refinery’s commercial outlook. The facility is currently Africa’s largest single-train refinery and has reached full operational capacity.
Reports indicate that the group has appointed a consortium of financial advisers, including Stanbic IBTC Capital, Vetiva Capital Management, and FirstCap, to manage different aspects of the listing, from international investors to local institutional participation.
The refinery, commissioned in 2023 after nearly a decade of construction and an estimated $20 billion investment, has already begun exporting refined products such as diesel, petrol, aviation fuel, and petrochemicals to several African and European markets.
Earlier valuations placed the refinery at $20–$25 billion, but improved performance and strong demand have now pushed expectations to as high as $50 billion.
The planned IPO is expected to include a unique dividend structure, allowing investors to buy shares in naira while receiving returns in US dollars, supported by strong export revenues.
If completed, the listing would mark a major milestone for Africa’s capital markets and open the refinery to public ownership for the first time.
