Africa's wealthiest individual, Aliko Dangote, has appointed three financial advisers to lead a pan-African initial public offering of Dangote Petroleum Refinery and Petrochemicals, with shares set to be offered across multiple African stock exchanges in what would be the continent's largest-ever equity offering.
Analysts value the business at between $40 billion and $50 billion, with the IPO expected to raise up to $5 billion through the sale of a minority stake of between 5% and 10%, positioning it as one of the most significant capital market transactions in Africa's history. This isn't just a corporate milestone. It is a declaration that African capital markets are ready for the world stage.
Located in the Lekki Free Zone near Lagos, the Dangote Petroleum Refinery is the world's largest single-train refining facility, processing 650,000 barrels of crude oil per day. Beyond fuels, the plant produces up to 3 million metric tonnes of urea fertiliser annually, supporting agricultural output across the continent, and expansion efforts are underway to boost polypropylene production, a key input in manufacturing sectors such as packaging, textiles, and consumer goods. The refinery has expansion plans targeting 1.4 million barrels per day within three years, a scale that would make it the largest refinery globally upon completion. In short, this is a truly continental infrastructure asset, one built by Africans, for Africans.
The Nigerian Exchange Group has already convened the chief executives of five major African exchanges, including the Johannesburg Stock Exchange and the Nairobi Securities Exchange, to develop cross-border listing pathways, a pan-African structure that would allow investors across the continent to buy into the refinery through their local exchanges, broadening the shareholder base and potentially marking a turning point in the development of integrated African capital markets.
According to the timeline outlined by the group, the prospectus could be submitted to the SEC in April, followed by a national roadshow and the launch of subscription in May, with a listing on the NGX main board expected between June and July 2026. The window for retail investors to participate is opening fast.
This is precisely the moment MyStocks Africa was built for. For too long, everyday African investors have been locked out of the continent's most transformative assets by fragmented exchanges, complex cross-border processes, and platforms designed for institutional players alone. MyStocks Africa changes that, giving retail investors across the continent a single, seamless gateway to participate in listings like Dangote's IPO, whether they're based in Nairobi, Johannesburg, Accra, or Lagos.
Investors are expected to buy shares in naira and receive dividends in dollars, drawing on projected annual export revenue of approximately $6.4 billion, and MyStocks Africa is designed to help you navigate exactly that kind of cross-currency, multi-exchange opportunity. Africa's biggest IPO is coming. The question is: will you be ready?
Related Market Tickers
Authoritative data for securities related to this report.
