Aliko Dangote is reportedly targeting a valuation of up to $50 billion for Dangote Refinery ahead of a planned public listing expected later this year, a move that could become the largest capital market transaction in African history.
According to reports from Bloomberg, the refinery plans to offer as much as 10 per cent of its equity to investors, potentially raising around $5 billion through the Nigerian capital market.
The planned transaction represents a major milestone for Nigeria’s energy sector and could significantly reshape investor participation in Africa’s downstream petroleum industry.
Located within the Lekki Free Trade Zone in Lagos, the refinery currently processes 650,000 barrels of crude oil per day, making it the largest single-train refinery in Africa and one of the biggest globally.
Since commencing large-scale production of petrol, diesel and aviation fuel, the refinery has played a central role in reducing Nigeria’s dependence on imported petroleum products while strengthening domestic refining capacity.
Sources familiar with the transaction reportedly indicated that the projected valuation reflects internal expectations within the Dangote Group, although final details regarding the structure and timing of the offering are still subject to regulatory processes.
The planned listing comes amid improved commercial performance driven by stronger domestic fuel demand and rising international crude oil prices, both of which have boosted the refinery’s earnings outlook.
Dangote had earlier hinted that Nigerian investors would soon be given the opportunity to acquire ownership stakes in the refinery business, signalling efforts to broaden local participation in strategic industrial assets.
Market analysts said the proposed public offering could significantly deepen liquidity within Nigeria’s equities market while attracting increased foreign investor interest into the country’s energy infrastructure sector.
The offering is also expected to introduce an unusual dividend structure allowing investors to buy shares in naira while receiving dividend returns linked to US dollar earnings generated from petrochemical exports.
Industry estimates indicate that the refinery’s petrochemical operations currently generate billions of dollars annually through exports to regional and international markets.
The refinery, commissioned in May 2023 after nearly a decade of construction, was built at an estimated cost of about $20 billion and attained full operational capacity in February 2026.
Earlier industry valuations had placed the refinery’s worth between $20 billion and $25 billion in late 2025. However, stronger operational performance, expanding exports and growing regional fuel demand have reportedly pushed current estimates closer to the $40 billion to $50 billion range.
Analysts also noted that the refinery’s expanding export footprint has strengthened its market position across Africa and beyond.
Refined petroleum products from the facility are currently exported to several African countries including Ghana, Togo, Cameroon and Tanzania, alongside shipments to international destinations in Europe.
The refinery also produces petrochemical products such as polypropylene used in plastics manufacturing, industrial packaging and other industrial applications, creating an additional revenue stream beyond fuel sales.
Jet fuel exports from the refinery have also risen sharply in recent years as supply disruptions linked to Middle East tensions increased demand for alternative sources of aviation fuel.
Industry observers said the refinery’s integrated infrastructure, including its extensive pipeline network linking crude supply, storage and distribution systems, further enhances its long-term commercial viability.
To manage the public offering, the Dangote Group has reportedly appointed a consortium of financial advisers including Stanbic IBTC Capital, Vetiva Capital Management and FirstCap.
The firms are expected to coordinate international investor engagement, institutional placements and retail participation within Nigeria as preparations for the listing advance.