Billionaire businessman Aliko Dangote is targeting a valuation of up to $50 billion for the Dangote Petroleum Refinery and Petrochemicals ahead of a planned stock market listing later this year, according to a report by Bloomberg.
The report said the company plans to sell up to 10 percent of the refinery business, which could raise about $5 billion through the Nigerian stock exchange.
A senior executive at the Dangote Group confirmed to Bloomberg that the projected valuation reflects the company’s internal expectations but declined to comment on the timing and structure of the transaction.
The refinery, located in the Lekki Free Trade Zone in Lagos, has a processing capacity of 650,000 barrels of crude oil per day.
The facility began large-scale production of petrol, diesel and aviation fuel in 2024 and has reduced Nigeria’s dependence on imported petroleum products.
Bloomberg reported that stronger global crude oil prices and increased local fuel demand have improved the refinery’s commercial outlook.
The report also stated that the company had submitted its prospectus for regulatory review, with the subscription window expected to open by August.
Dangote recently said Nigerian investors would soon have an opportunity to buy shares in the refinery business.
According to reports, the planned public offering will allow investors to buy shares in naira while receiving returns in US dollars through petrochemical export earnings.
The refinery was commissioned in May 2023 after nearly a decade of construction and an estimated investment of $20 billion.
By February, it had reached full processing capacity, making it one of the world’s largest single-train refineries.
Earlier valuations of the refinery in 2025 placed its worth between $20 billion and $25 billion, but recent estimates now place it between $40 billion and $50 billion.
The company also plans to expand the refinery’s capacity from 650,000 barrels per day to 1.4 million barrels per day within the next three years.
To support the expansion, the group secured financing backed by the African Export-Import Bank.
Dangote also recently announced plans to build another 650,000 barrels-per-day refinery in Tanzania.
Speaking at an Africa Finance Corporation summit in Nairobi, Dangote said the proposed refinery would be located in Tanga and would process crude from countries including the Democratic Republic of Congo and South Sudan.
The company has appointed Stanbic IBTC Capital, Vetiva Capital Management and FirstCap as advisers for the planned public offering.
