Dangote Refinery seeks to raise $5 billion in October IPO as Kenya eyes $500 million stake

Nigeria's Dangote Refinery is preparing for what could become Africa's largest-ever stock market listing, seeking to raise about $5 billion through an initial public offering (IPO) expected to conclude in October.

Nigeria's Dangote Refinery is preparing for what could become Africa's largest-ever stock market listing, seeking to raise about $5 billion through an initial public offering (IPO) expected to conclude in October, according to Reuters, citing sources familiar with the transaction.

The fundraising is expected to support the expansion of the $20 billion, 650,000-barrel-per-day Lagos refinery while helping finance plans to replicate the project elsewhere on the continent, with Kenya identified as a potential location for a similar facility.

The move aligns with billionaire industrialist Aliko Dangote's broader ambition to reduce Africa's dependence on imported refined petroleum products and position the continent as a net exporter of fuel.

Kenya eyes a $500 million stake