Dangote Refinery Appoints Investment Banks Ahead of $20B Listing

Dangote Listing Could Become Africa’s Largest on the NGX

The Dangote Group has selected Stanbic IBTC Capital, Vetiva Capital Management, and First Capital to lead the planned listing of its $20 billion Dangote Petroleum Refinery & Petrochemicals FZE on the Nigerian Exchange (NGX).

Stanbic IBTC will manage the international book-building process and engagement with foreign investors, Vetiva will handle local retail distribution and regulatory requirements, while First Capital focuses on placements with Nigerian pension funds and institutional investors.

Analysts estimate the debut valuation at $40–50 billion, which would push NGX’s total market capitalisation beyond ₦200 trillion.

Investors will have the option to buy shares in naira and receive dividends in U.S. dollars, a first for the NGX, leveraging the refinery’s projected $6.4 billion in annual export revenue. Regulatory approval for this structure is being coordinated with the SEC and NGX.

The listing is set to follow a detailed timeline: prospectus submission in April, a national retail roadshow and e-IPO launch in May, and a main board listing between June and July 2026.

Separately, Dangote Cement signed a $1 billion strategic framework agreement with Sinoma International Engineering to construct 12 new projects and expand existing facilities across Africa.

Dangote refinery wants to supply up to 65 million litres of petrol daily

Projects will include new plants and modernisation works in Nigeria, Ethiopia, Zambia, Zimbabwe, Tanzania, Sierra Leone, and Cameroon. The expansion aligns with Dangote Group’s target of 80 million tonnes of cement production per annum by 2030 and $100 billion in annual revenue.