By Temi Salako
Africa’s largest refinery is positioning itself for what could become one of the continent’s biggest public offerings, with plans to deepen retail investor participation through digital payments platforms, Point-of-Sale (POS) systems, and fintech applications.
The Dangote Petroleum Refinery is reportedly preparing for a potential initial public offering (IPO) that would allow ordinary Nigerians, including those in rural areas and diaspora communities, to invest in the company using their Bank Verification Number (BVN) and digital payment channels.
According to sources familiar with the process, the proposed offer is expected to integrate Nigeria’s expanding financial technology ecosystem, enabling share purchases through mobile applications, fintech platforms, agency banking networks, and POS terminals.
The initiative is designed to reduce traditional barriers to capital market participation, such as the need for brokerage accounts or physical presence in financial hubs, thereby widening access to retail investors.
Under the arrangement, individuals with BVNs are expected to be able to participate in the offer from anywhere, including via mobile devices and authorised financial agents. However, final operational details for non-Nigerian investors are still being concluded, according to the sources.
The IPO is expected to value the refinery at about $50 billion, with plans for an estimated $1.5 billion offering representing roughly 10 per cent of the company. The figures, however, are subject to final confirmation.
If completed at that scale, the listing would rank among the largest public offers in Africa and would position the refinery as a standalone energy asset on the capital market rather than as part of a larger oil and gas conglomerate.
Market analysts have noted that global refinery valuation benchmarks vary widely, but large-scale facilities in high-demand regions often attract premium valuations due to strategic importance and production capacity.
The Dangote Refinery is widely regarded as Africa’s largest single-train refinery and has already begun commercial operations supplying refined petroleum products to the domestic market and for export.
Bloomberg had previously reported a valuation of about $50 billion for the facility, though sources suggest the final valuation could change depending on market conditions and investor appetite at the time of listing.
The proposed listing is also expected to include dollar-denominated dividend payments for investors, according to earlier remarks attributed to Aliko Dangote, President of the Dangote Group. He had indicated that future investors in the refinery and related businesses could receive returns in foreign currency due to the company’s export-oriented revenue base.
Financial advisers including Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap are reportedly involved in structuring the transaction and ensuring broad investor access.
Industry sources describe the planned offering as a significant step toward expanding retail participation in Nigeria’s capital markets, particularly through the use of digital financial infrastructure and agent banking networks.
While the IPO timeline has not been formally announced, the transaction is expected to attract both retail and institutional investors, with emphasis on broad-based participation across income segments.
If executed as planned, the listing would mark a major milestone for Africa’s capital markets and significantly expand public ownership of one of the continent’s most strategic industrial assets.