LAGOS – Africa’s Foremost industrialist, Aliko Dangote is targeting a $50 billion valuation for his 650,000-barrel-per-day refinery in a planned 2026 listing, as high global oil prices and increased refining margins significantly bolster the facility’s financial outlook, Bloomberg reported on Monday citing source familiar with the matter.
The IPO, expected to be Africa’s largest, involves selling a 10% stake to raise $5 billion. The refinery plans to list on the Nigerian Exchange with secondary listings in Johannesburg, Nairobi, and Accra.
Market analysts suggest the valuation reflects the refinery’s strategic importance. Following its shift to full capacity in February 2026, the facility now generates an estimated $6.4 billion in annual export revenue for Nigeria.
The move comes as the refinery negotiates dollar-denominated dividend payments to attract foreign investors. This strategy aims to mitigate currency volatility risks associated with the Nigerian Naira while rewarding high-net-worth institutional backers.
Recently the refinery has successfully displaced European fuel imports in West Africa. By May 2026, the facility achieved 100% self-sufficiency for Nigeria’s petrol needs, drastically altering regional energy trade flows.
The group has appointed Stanbic IBTC and Vetiva Capital to manage the offering. If successful, the $50 billion market cap would represent nearly half of the total value of the Nigerian Exchange.
The IPO follows a period of robust growth. In early 2026, the refinery expanded its crude slate to include Brazilian and American grades, optimizing production costs despite fluctuations in local Nigerian crude supply.
Proceeds from the listing will reportedly fund a second phase of expansion. Dangote intends to increase capacity to 1.4 million barrels per day, potentially creating the world’s largest single-train refining hub.
