Dangote Plans to List Refinery on African Exchanges, Offer Dollar Dividends

Africa’s richest man, Aliko Dangote, has revealed plans to sell about 10 percent of his oil refining business through a multi-exchange listing across Africa.

Dangote said Dangote Petroleum Refinery and Petrochemicals will pay dividends to shareholders in US dollars, a move likely to attract both regional and international investors.

Speaking in Washington, the billionaire industrialist noted that the company intends to float “as much as possible, maybe 10 percent or so,” as part of its initial public offering (IPO).

To drive the listing process, the firm has appointed Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap as advisers.

Beyond refining, Dangote also disclosed expansion plans in the mining and fertiliser sectors. These include establishing potash and phosphate fertiliser plants in the Democratic Republic of Congo and developing copper refining operations in Zambia.

The proposed listing and expansion signal Dangote’s continued push to deepen industrial investments across the African continent.