Dangote Refinery plans New York listing after 2029 expansion

LAGOS, Nigeria — Dangote Petroleum Refinery and Petrochemicals FZE plans to list its shares on the New York Stock Exchange after expanding its crude-processing capacity to 1.4 million barrels per day by the first quarter of 2029.

Kanyi Daily reports that Aliko Dangote, chairman of Dangote Industries Limited, disclosed the plan during the Qatar Economic Forum powered by Bloomberg, saying the company would first complete its primary listing in Nigeria before pursuing the New York listing.

“We are doing a primary listing in Nigeria and then we will also hopefully list in New York. But that is after we deliver the expansion” to 1.4 million barrels a day by the first quarter of 2029, Dangote said.

The refinery currently has a processing capacity of 700,000 barrels per day, meaning the planned expansion would double its capacity. The company’s initial public offering in Nigeria is seeking to raise ₦2.15 trillion (about US$1.62 billion) through 4.1 billion new ordinary shares priced at ₦525 (about US$0.39) each.

The Nigerian offer opened on September 14, 2026, and is scheduled to close on October 13, 2026. The minimum subscription is 10 shares, valued at ₦5,250 (about US$3.94).

Dangote said the company was also working with banks to enable Africans outside Nigeria to participate in the Nigerian share sale. He said the company had found “a way for them to invest.”

The proposed New York listing would follow the refinery’s expansion and give the company access to investors beyond Nigeria and other African markets. David Bird, chief executive officer of Dangote Refinery, had said in August that the company would not pursue an overseas listing for at least three years while it focused on production and financial performance.

Dangote Industries is also pursuing a proposed 700,000-barrel-per-day refinery in Lamu, Kenya, estimated at US$17 billion. The company has offered East African countries a combined 30% stake in the project, with Kenya considering 10% and Ethiopia and Rwanda also expressing interest.