Dangote refinery targets $2bn investments from private investors ahead of IPO

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Aliko Dangote, president of the Dangote Group, says the company is targeting a private placement of about $2 billion for the refinery.

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Dangote announced the target when Femi Otedola, chairman of First HoldCo, visited the refinery on Wednesday.

Otedola led top executives of First HoldCo on a tour of the refinery and the fertiliser plans in the Lekki free trade zone area.

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The team also visited key project sites such as the jetty, a facility built by Dangote industries to receive large vessels.

The private placement is the latest announcement in the refinery’s initial public offering plan (IPO) expected later in the year.

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On May 12, Bloomberg reported that Dangote is reportedly targeting a valuation of up to $50 billion for his refinery business ahead of the planned initial public offer (IPO).

In 2025, Dangote said the refinery could sell up to 10 percent stake in the listing, which Bloomberg valued to be about $5 billion.

While the actual date for the IPO is yet to be announced, Dangote refinery is expected to conduct the public listing later this year.

Dangote is planning a cross-border listing, which he said will enable Africans to finance the continent’s industrialisation.

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