Dangote Petroleum Refinery is concentrating on its planned Nigerian stock market debut, with any move to an international exchange unlikely for at least three years, according to Chief Executive Officer David Bird.
The position comes as the refinery prepares for a potential $5 billion initial public offering (IPO) in Nigeria, a transaction that could become the largest stock market listing in Africa if completed at the targeted size.
Bird disclosed the timeline in an interview with Reuters, saying the company wants to build a longer record of production and financial performance before pursuing an overseas listing.
“We really want to drive participation,” Bird told Reuters. “The mandate of the IPO was to be the people’s IPO.”
He said the refinery intends to establish at least three years of proven operational and financial performance before seeking an international listing. Such a track record, he explained, could strengthen the company’s valuation when it eventually approaches foreign capital markets.
London has previously been mentioned as a possible destination for a future listing.
Bird declined to disclose the final size of the IPO or the refinery’s valuation. Reuters reported that the company has submitted an application to Nigeria’s Securities and Exchange Commission for a $5 billion offering, although the final size remains to be determined.
The planned offering is expected to focus heavily on Nigerian participation, reflecting the company’s stated objective of enabling local investors to participate in the refinery’s growth.
The development effectively places the Nigerian Exchange at the centre of Dangote Refinery’s immediate public-market strategy, while pushing any potential foreign listing further down the company’s expansion timeline.
The refinery, owned by Africa’s richest man, Aliko Dangote, has attracted significant international attention as its operations have expanded beyond Nigeria.
Reuters reported that the refinery benefited from disruptions associated with the Iran conflict, supplying jet fuel to markets across Africa and Western Europe as buyers sought alternative sources. Bird said the refinery became Europe’s largest supplier of jet fuel in June and July.
Investor interest has also been strong, according to Bird, with preparations for the IPO remaining on schedule following the company’s recent fundraising.
The refinery completed a $2.5 billion private placement in July. Africa Finance Corporation said it led a group of strategic investors in the transaction, which was 3.7 times oversubscribed and attracted substantial interest from African and international institutional investors.
The private placement is also relevant to the potential valuation of the planned IPO. Reuters previously reported that the transaction valued the refinery at approximately $40 billion, although Bird did not comment on the company’s current valuation.
Dangote Refinery is also positioning the IPO as part of a broader expansion programme.
Bird confirmed that the company plans to increase its refining capacity to 1.4 million barrels per day within three years, effectively doubling its current capacity. The expansion is expected to be financed through a combination of IPO proceeds and debt.
According to Bird, the expansion would require substantially less capital than the approximately $20 billion invested in building the original refinery.
The company sees significant growth potential in Africa because the continent remains structurally dependent on imported refined petroleum products and petrochemicals.
Bird said Dangote Refinery compares favourably with refining assets in the United States because of its access to domestic crude supplies, strong local demand and integration between refining and petrochemical operations.
The refinery has increasingly become an important supplier to Nigeria's domestic fuel market. It currently provides most of the country's gasoline and diesel requirements and meets all of its jet fuel needs, while also expanding its exports to other African markets and Europe.
Earlier reports had suggested that Dangote was considering a broader African listing strategy involving multiple stock exchanges.
In December 2025, Dangote announced plans to list a 10 per cent stake in the $20 billion refinery on the Nigerian Exchange in 2026. The company also disclosed discussions with regulators over the possibility of paying future dividends in US dollars, partly as a hedge against currency volatility.
A separate proposal emerged earlier this year for the refinery to potentially pursue listings across multiple African exchanges. That possibility followed discussions between Dangote and executives of several African bourses, according to earlier reports.
However, Bird’s latest comments indicate that the company’s immediate priority remains its Nigerian IPO, with an overseas flotation deferred until the refinery has accumulated a longer operating and financial record.
If the planned offering reaches $5 billion, the listing would represent a major milestone for Nigeria’s capital market and could rank among the most significant public offerings ever undertaken by an African company.