Dangote plans to list about 10 percent of the refinery on the Nigerian Exchange Group in 2026, a move widely seen as part of efforts to unlock value and broaden the company’s investor base.
To drive the offering, Dangote has appointed a consortium of financial advisers, including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited.
Bloomberg reports that Dangote wants investors to know that the refinery, which commenced operations in 2024, is now valued at $50 billion.
Bloomberg reports that the refinery company could sell up to a 10 percent stake through the Nigerian stock exchange, implying a potential offering size of about $5 billion.
The Chief Executive Officer of FirstCap, Ukandu Ukandu, confirmed the appointments, stating that the advisers were already working on the transaction structure.
It was noted that a multi-exchange listing could significantly deepen liquidity in African capital markets while positioning Nigeria as a major hub for cross-border investments, especially as the country eyes a return to the FTSE Russell Frontier Markets Index.
