Dangote Refinery Targets New York Stock Exchange Listing by 2029

By Adedapo Adesanya

Dangote Petroleum Refinery and Petrochemicals FZE plans to list its shares on the New York Stock Exchange (NYSE) after completing the expansion of its refinery capacity to 1.4 million barrels per day.

The facility, which already processes 700,000 barrels of crude a day, is raising around $1.6 billion in an initial public offering in Nigeria, with proceeds earmarked for the expansion. The IPO, which opened last week, is set to close on October 13.

The chairman of the organisation, Mr Aliko Dangote, said the company would pursue a secondary listing in New York after completing the expansion, which is expected to be delivered by the first quarter of 2029.

“We are doing a primary listing in Nigeria and then we will also hopefully list in New York,” Mr Dangote said at the Qatar Economic Forum on Monday.

“But that is after we deliver the expansion” to 1.4 million barrels a day by the first quarter of 2029, he added.

The New York listing is expected to help the company broaden its investor base beyond Africa.

Mr Dangote also said the company is working with banks to enable Africans outside Nigeria to participate in the Nigerian IPO.

Lagos-based investment banks, including United Capital Plc, FSDH Capital and FirstCap, are among the firms seeking to attract investors and working with regulators and stock exchanges across Africa to facilitate participation in the offering.

The Dangote Group is also expanding its investments across Africa, with plans to build a refinery in Kenya with a capacity of 700,000 barrels per day.

The group is developing pipelines across the continent to supply landlocked countries, with Dangote saying construction of a pipeline from Djibouti to Ethiopia, alongside tank farms, is expected to begin next week.

This follows the group’s announcement of a 2,650-kilometre pipeline connecting Namibia, Botswana and South Africa.

“By the time we finish, I am sure we’ll end up with almost 4,000 kilometres of pipelines,” Mr Dangote said at the forum.

He added that the southern African pipeline alone has a budget of more than $3.5 billion.