Dangote Refinery Shares to Be Available on Fintech Apps, Mobile Phones

Dangote Petroleum Refinery and Petrochemicals is preparing for a landmark listing on the Nigerian Exchange Limited, with plans to make its shares available to everyday Nigerians through fintech apps, mobile phones and Point-of-Sale terminals.

President of the Dangote Group, Aliko Dangote, said the refinery is expected to launch an initial public offering later this year at a target valuation of about $50 billion, equivalent to roughly ₦70 trillion.

The company could offer up to 10 per cent of its equity to investors, creating one of the largest public listings ever seen on the Nigerian capital market.

To broaden participation, the refinery is working with several fintech companies to deploy digital tools that will allow Nigerians to buy shares directly from their phones or through POS agents, reducing dependence on traditional stockbrokers.

Investment platforms such as Bamboo and Risevest are expected to play a role in enabling retail investors to subscribe to the offer.

Eligibility to purchase shares will require a valid Bank Verification Number, a standard identification requirement across Nigeria’s financial system.

The listing is also expected to extend beyond Nigeria, with the refinery exploring cross-border offerings on other African stock exchanges, including the Nairobi Securities Exchange, making it one of the continent’s most ambitious pan-African IPOs.

SpaceX files confidentially for IPO, targets $1.75 trillion listing

With a current refining capacity of 650,000 barrels per day, the facility remains the world’s largest single-train refinery. Dangote plans to expand production to 1.4 million barrels per day over the next three years as it seeks to strengthen its position among the world’s leading refining operations.

The expansion is being supported by financing from the African Export-Import Bank, while the Dangote Group is contributing $2.5 billion toward the estimated $4 billion funding requirement.

Please follow and like us:

100k