By Mary Onyia
Africa’s richest man, Aliko Dangote, has appointed Stanbic IBTC Capital, Vetiva Advisory Services and FirstCap to manage the planned listing of his refinery business, as he moves to attract investors with US dollar-denominated dividends.
Dangote said the company could float “as much as possible, maybe 10 per cent or so” of Dangote Petroleum Refinery and Petrochemicals, with the offer potentially opening as early as May, subject to regulatory approvals and market conditions.
Under the proposed structure, shareholders will receive dividends in US dollars — a key incentive aimed at cushioning investors against currency volatility across African markets and boosting foreign participation in the offering.
The listing is expected to rank among the continent’s most significant equity deals, forming part of a broader $40bn investment plan to expand refining and fertiliser capacity while strengthening the group’s industrial footprint.
The 650,000 barrels-per-day refinery, already the largest in Africa, has begun reshaping regional fuel supply dynamics, positioning itself as a major alternative source amid ongoing disruptions in global oil markets.