Aliko Dangote is reportedly seeking a valuation of about $50 billion for his flagship refinery operation ahead of plans to list the company on Nigeria’s stock market later this year.
Reports indicate that the planned public offering of Dangote Petroleum Refinery & Petrochemicals may involve selling as much as 10% of the company, potentially raising close to $5 billion, according to Bloomberg citing sources familiar with the discussions.
A senior official within the Dangote Group reportedly confirmed that the valuation aligns with the company’s internal projections but declined to provide further details regarding the structure or timing of the planned transaction.
The anticipated stock market debut comes at a time when higher global crude oil prices and growing local fuel demand are strengthening the refinery’s business prospects. Situated in the Lekki Free Zone in Lagos, the facility has the capacity to process 650,000 barrels of crude oil per day, making it the largest single-train refinery in Africa.
Since commencing large-scale production of petrol, diesel and aviation fuel, the refinery has significantly transformed Nigeria’s fuel supply system by cutting dependence on imported petroleum products and boosting local refining output in Africa’s largest oil-producing nation.
Dangote recently hinted that Nigerian investors would soon be allowed to purchase shares directly in the refinery, signalling efforts to encourage broader domestic participation in the country’s energy industry.
Market analysts believe the transaction could rank among the biggest listings ever recorded on Nigeria’s capital market if successfully executed.
They also point to the refinery’s expanding petrochemicals division and its move into products such as linear alkyl benzene, widely used in detergent manufacturing, as factors likely to attract stronger investor interest from both African and global markets.