Dangote refinery IPO to open within 10 to 12 days

The initial public offering (IPO) of Nigeria’s Dangote refinery will open within the next 10 to 12 days, the owner of the 650,000-barrel-per-day facility, Nigerian businessman Aliko Dangote, has said.

Dangote disclosed the timeline on Thursday while speaking to investors and analysts during a visit to Botswana, as he outlined plans to further expand the refinery’s capacity.

“So our dream is that we want to make sure we double the capacity of the refinery … which will take ​us to 1.4 million barrels per day. The IPO will ​open in the next 10 to 12 days,” Dangote ⁠told investors and analysts in Botswana, while visiting the Southern African ​country.

The planned IPO is expected to raise about $5 billion, potentially making it the largest public offering in Africa.

The refinery, owned by Africa’s richest man, reached its full nameplate capacity of 650,000 barrels per day in February and has already tested production at 700,000 barrels per day.

The planned expansion would take the facility’s capacity to 1.4 million barrels per day, further increasing its role in supplying refined petroleum products from Nigeria.

Dangote also disclosed plans for the secondary listing of Dangote Cement on the London Stock Exchange, saying the listing would most likely take place in October.

ALSO READ: Dangote says FG’s economic reforms are driving Nigeria’s economic recovery, restoring investors’ confidence

The move is expected to expand the cement company’s access to international investors and capital.

Beyond Nigeria, Dangote is also preparing to expand his refining business into East Africa through a proposed refinery on Kenya’s coast.

The project is being developed in partnership with East African governments and is expected to take up to three years to complete. It would…