Execution plans are gathering pace for what could become the largest equity offering in African capital market history, following the appointment of three leading investment banks to manage the proposed listing of Dangote Petroleum Refinery & Petrochemicals FZE on the Nigerian Exchange (NGX).
Sources familiar with the transaction say Stanbic IBTC Capital, Vetiva Capital Management and First Capital have been selected as lead issuing houses and financial advisers for the landmark deal.
Stanbic IBTC Capital, operating under the Standard Bank umbrella, is expected to coordinate the international book-building process and spearhead engagement with foreign portfolio investors. Vetiva, which previously advised on Dangote-related listings, brings local retail distribution strength and regulatory expertise, while First Capital is positioned to deepen placement among Nigerian pension funds and institutional asset managers.
Potential $50 Billion Valuation
The Dangote Group plans to float between five and ten percent of the $20 billion refinery. Market analysts estimate a debut valuation in the range of $40 billion to $50 billion — a scale that could push the NGX’s total market capitalisation beyond ₦200 trillion.
Ambrose Omordion, Chief Operating Officer of Investdata Consulting, noted that the appointed firms have handled major capital market transactions in the past and possess the technical depth required to manage an offering of this magnitude.
The listing marks a significant milestone for Africa’s largest single-train refinery, which has drawn global attention since its commissioning.
Dollar Dividend Structure Under Review
A defining feature of the proposed offer is its innovative dividend framework. Investors will be able to purchase shares in naira while opting to receive dividends in US dollars — a first for the NGX. The structure is backed by the refinery’s projected annual export revenue of $6.4 billion and is designed to mitigate currency risk for foreign investors.
However, the model will require regulatory clearance. The Securities and Exchange Commission Nigeria and the Nigerian Exchange Limited are reportedly in active discussions with Dangote officials regarding the structure.
Dangote first outlined the listing timeline on February 21 during a facility tour by Bayo Ojulari, Group Chief Executive of NNPC Limited. At the time, the company indicated that shares would be available within four to five months.
The transaction is now said to be moving toward a prospectus submission to the SEC in April, followed by a national retail roadshow and launch of an electronic IPO subscription platform in May. A formal main board listing is projected between June and July 2026.
Cement Expansion Across Africa
In a parallel development, Dangote Cement Plc signed a strategic framework agreement in Lagos with Sinoma International Engineering for the construction of 12 new projects and expansion of existing facilities across Africa, valued at over $1 billion.
The deal supports Dangote Cement’s target of achieving 80 million tonnes per annum production capacity by 2030, aligning with the Dangote Group’s broader ambition of generating $100 billion in annual revenue within the same timeframe.
Under the agreement, Sinoma will deliver new integrated plants, grinding facilities, brownfield expansions and modernization works across northern Nigeria, Ethiopia, Zambia, Zimbabwe, Tanzania, Sierra Leone and Cameroon. Within Nigeria, projects will be executed at Itori, Apapa, Lekki, Port Harcourt and Onne.
Group Managing Director Arvind Pathak said the initiative aims to close supply gaps and support infrastructure growth across the continent, with a long-term goal of cement self-sufficiency in Africa. Board Chairman Emmanuel Ikazoboh added that the projects will significantly enhance production capacity and reinforce the company’s leadership position in African markets.
Gas Supply Secured for Growth
The cement expansion is further supported by an upgraded gas supply arrangement with subsidiaries of NNPC Limited — including Nigerian Gas Marketing Limited and NNPC Gas Infrastructure Company. The agreement guarantees fuel supply for expanded production and supports the adoption of compressed natural gas as an automotive fuel.
Taken together, the refinery IPO and cement expansion underscore the Dangote Group’s strategy of leveraging scale, innovation and capital market depth to consolidate its industrial footprint across Africa. If successfully executed, the refinery listing could redefine the continent’s equity landscape while reinforcing Nigeria’s role as a regional financial hub.