Dangote Refinery seeks New York listing after 2029 expansion

Dangote Petroleum Refinery and Petrochemicals FZE will list shares on the New York Stock Exchange after doubling the capacity of one of the world’s largest crude refining facilities, its billionaire founder said.

The facility, which already processes 700 000 barrels of crude a day, is seeking to raise as much as $1.6 billion in an initial public offering in Nigeria, with proceeds earmarked for the expansion. Africa’s biggest IPO, which opened last week, is set to close on 13 October.

“We are doing a primary listing in Nigeria and then we will also hopefully list in New York,” Chairman Aliko Dangote said at the Qatar Economic Forum, powered by Bloomberg. “But that is after we deliver the expansion” to 1.4 million barrels a day by the first quarter of 2029, he said.

A secondary listing in New York will help the tycoon broaden his investor base beyond Africa. For now, the company is working with banks to open the primary listing to Africans outside Nigeria, having found “a way for them to invest,” said Dangote, the continent’s richest person.

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Bloomberg previously reported that Lagos-based investment banks including United Capital Plc, FSDH Capital and FirstCap are among the firms wooing investors and approaching regulators and stock exchanges across the continent to act as intermediaries.

The conglomerate is preparing to break ground on a Kenyan refinery with a capacity of 700 000 barrels a day, underscoring its pan-African ambitions. It is also building pipelines across the continent to supply landlocked countries, Dangote said.

The group plans to start building a pipeline from Djibouti to Ethiopia, along with tank farms, next week, he said. That follows the company’s recent announcement of a 2,650km pipeline running from Namibia to Botswana and South Africa.

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“By the time we finish, I am sure we’ll end up with almost 4,000 kilometers of pipelines,” Dangote said. The budget for the southern African pipeline alone is more than $3.5 billion, he added.

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