Africa’s richest man, Aliko Dangote is seeking to draw investors into the planned listing of his refinery business by anchoring returns to United States dollar-denominated dividends, as he prepares to float about 10 per cent minority stake in one of Africa’s largest industrial assets to fund a sweeping expansion programme.

The billionaire industrialist plans to sell about 10 per cent of Dangote Petroleum Refinery and Petrochemicals Fze through a listing across multiple African stock exchanges, in a move aimed at unlocking long-term capital for the next phase of growth in his energy and industrial empire.

Under the proposed structure, shareholders in the refinery business will receive dividends in US dollars after the initial public offering, a feature designed to enhance the appeal of the asset to foreign and local investors amid persistent currency pressures in several African markets. The company has appointed Stanbic IBTC Capital, Vetiva Advisory Services and FirstCap as advisers on the transaction.

Dangote said the listing size would be “as much as possible, maybe 10 per cent or so.” The offer could open as early as May, depending on regulatory approvals and market conditions, and is expected to rank among the most significant equity market transactions on the continent.

The fundraising forms part of a broader $40bn investment programme over the next five years, targeted at expanding refining and fertiliser capacity while deepening the group’s industrial footprint across Africa. The strategy reflects a shift toward capital market funding as the group scales its integrated manufacturing and energy operations.

The refinery, which has a capacity of 650,000 barrels per day, is Africa’s largest and has already begun reshaping regional fuel trade flows. It reached full operational capacity shortly before geopolitical tensions in the Middle East disrupted global oil markets, boosting demand for alternative supply sources. Export data from the company shows steady growth in diesel shipments, while gasoline volumes have fluctuated as operations adjust to changing market dynamics and optimisation of product output across regions.

Dangote said, “We have a very ambitious programme across all our businesses,” adding that the focus is on closing Africa’s infrastructure gap through large-scale investment in energy and industrial capacity.

Industry analysts continue to point to strong fundamentals for the refinery, citing scale advantages and improving margins as global supply patterns shift. One senior refining industry expert described the asset as “highly profitable,” reflecting confidence in its medium-term earnings outlook.

Beyond refining, the group’s expansion plan includes a major ramp-up in fertiliser production capacity and new investments in industrial minerals. These include potential potash and phosphate projects in the Democratic Republic of Congo and copper refining opportunities in Zambia, as Dangote pushes further into resource-linked industrial processing.

The tycoon has also been engaging with global policymakers on the sidelines of the IMF–World Bank spring meetings in Washington, where he met Kristalina Georgieva, IMF Managing Director and Ajay Banga, World Bank Group President. Discussions focused on investment-led development strategies, particularly in energy, fertilisers and cement, sectors seen as central to industrial growth and infrastructure development across emerging markets.