Africa’s richest man,
Aliko Dangote is aiming for a valuation of up to $50 billion for his planned refinery listing this year, buoyed by stronger oil prices.

This was disclosed in a Bloomberg report, citing people familiar with the matter.

Dangote Petroleum Refinery & Petrochemicals FZE could float as much as a 10 per cent stake on the Nigerian stock exchange, potentially raising up to $5 billion, the sources said.

A senior company executive said the figure aligns with current plans but declined to provide further details.

However, the final size of the offering may be adjusted depending on market conditions, with the possibility of selling a smaller stake initially and raising additional funds later.

The company is also exploring a potential secondary listing in London in the future, the people added, speaking on condition of anonymity due to the private nature of the discussions.

Funds raised from the planned IPO will be used to expand Dangote Petroleum Refinery & Petrochemicals FZE, with the goal of doubling its current refining capacity of about 650,000 barrels per day.

The facility is also emerging as a key supplier of jet fuel to the European market.

Dangote, whose fortune is estimated at roughly $36 billion according to the Bloomberg Billionaires Index, is also moving to list his cement and fertiliser businesses as part of a wider capital-raising drive.