By Our Correspondent

National News – Aliko Dangote has announced plans to sell a 10 per cent stake in the Dangote Group’s $20bn refinery through a Pan-African Initial Public Offering (IPO) in 2026.

The announcement was made on Thursday during an event hosted by the Atlantic Council in Washington, D.C..

The move is aimed at boosting long-term investment, expanding operations, and encouraging broader African participation in capital markets.

Dangote disclosed that the refinery—Africa’s largest with a capacity of 650,000 barrels per day—has reached full operational capacity.

He explained that the IPO will allow investors across the continent to participate in the refinery’s growth, with dividends expected to be paid in dollars after listing.

However, he did not reveal specific pricing or valuation details for the offering.

According to him, the share sale is part of a broader $40bn investment strategy over five years.

This includes expanding refining capacity, quadrupling fertiliser production, and launching mining projects such as potash and phosphate plants in the Democratic Republic of Congo, as well as copper refining operations in Zambia.

The strategy is designed to strengthen Africa’s industrial base and reduce dependence on imports.

The refinery’s rising global relevance was also highlighted, particularly as supply disruptions in the Middle East increased demand for its products.

Dangote noted that the facility has become a key supplier of jet fuel to Europe, positioning Nigeria as a stronger player in international energy markets.

Industry experts have also weighed in on the refinery’s performance.

A senior executive at Wood Mackenzie, Alan Gelder, described the refinery as highly profitable, citing strong export demand.

Diesel exports reportedly increased significantly in April, while gasoline shipments saw a decline compared to previous figures.