Dangote Refinery plans $4 billion pan-African IPO at $40 billion valuation by end of 2026

Dangote Refinery plans a $4 billion pan-African IPO by the end of 2026 at a $40 billion valuation, Semafor reported. The listing would be the largest in Africa and equal the combined value of all new listings on Nigeria’s main exchange in 2025. Nigeria’s main stock exchange index recorded a 51 percent return in 2025.

Exchange chief executive Temi Popoola said the refinery listing would demonstrate that Nigeria’s capital market can handle complex, globally significant transactions and help build a pipeline of high-quality issuers. The refinery reached its full production capacity of 650,000 barrels per day in February 2026 and became the world’s largest exporter of aviation fuel in April, according to S&P Global data cited by Semafor.

Export blockades linked to the Iran war increased demand for its fuels in Cameroon, Côte d’Ivoire, and Ghana.

Aliko Dangote stated he wants to invest $45 billion across his group by 2030 and aims for up to $100 billion in revenue by the same year. The refinery plans include separate listings for its fertilizer unit in Nigeria and its cement unit in London. The refinery came online in 2024 and now supplies all of Nigeria’s domestic fuel needs.

Nigeria’s exchange has mandated quicker transaction settlements, extended trading hours, and made a strategic investment in the Ethiopian Securities Exchange in recent years. African stock markets have raised about $220 billion in equity over the last 25 years, the OECD reported.

Dangote Refinery rejected claims that it knowingly enables Nigerian marketers to reimport its refined fuels from Togo, stating that such activity would run counter to its commercial interests.