Africa’s largest refinery is set to open its doors to public investment, as the Dangote Group moves to float a minority stake in a landmark cross-border share sale aimed at deepening capital market participation across the continent.

President of the group, Aliko Dangote, announced plans to sell a 10 per cent stake in the $20 billion Dangote Petroleum Refinery and Petrochemicals through a Pan-African Initial Public Offering (IPO) scheduled for 2026. He disclosed this at an event hosted by the Atlantic Council in Washington, D.C.

Dangote said the planned listing is designed to attract long-term investment while broadening African participation in large-scale industrial assets. He added that the refinery will pay dividends in dollars to shareholders after listing, although detailed financial terms of the offer are yet to be made public.

To drive the process, the company has appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. as transaction advisers.

The share sale forms part of Dangote’s broader strategy to invest about $40 billion over the next five years, targeting expansion across refining, fertiliser production, and mining. The plan includes scaling up fertiliser output, boosting refining capacity, and developing potash and phosphate projects in the Democratic Republic of Congo, alongside copper processing ventures in Zambia.

With a capacity of 650,000 barrels per day, the refinery—now operating at full capacity—has strengthened its position in global energy markets, particularly amid supply disruptions linked to geopolitical tensions in the Middle East. The facility has also emerged as a notable exporter, supplying jet fuel to European markets and reinforcing Nigeria’s role in international petroleum trade.

Industry analysts say the outlook remains strong. Alan Gelder, senior vice president at Wood Mackenzie, noted that the refinery is benefiting from robust demand and rising export volumes. According to available data, diesel exports climbed to about 79,500 barrels per day in April from 73,600 in March, while gasoline shipments declined to 50,100 barrels per day from nearly 102,400 in the previous period.