Africa could witness its first-ever pan-African initial public offering as Aliko Dangote moves forward with plans to list shares of the Dangote Petroleum Refinery across multiple stock exchanges on the continent. The proposed listing, revealed in April 2026 following high-level meetings with African exchange leaders in Lagos, is designed to allow investors across several countries to participate in the offering, as reported by Business Insider Africa.
The IPO is expected to involve the sale of between 5 percent and 10 percent of the refinery’s equity, potentially raising up to $5 billion and valuing the business between $40 billion and $50 billion. Advisers on the deal include Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap, which have been mandated to structure what could become one of the largest and most complex capital market transactions in Africa’s history.
The refinery, a $20 billion project located in Lagos, currently processes about 650,000 barrels per day and has ambitions to scale up to 1.4 million barrels per day. Industry stakeholders say the cross-border listing aims to deepen liquidity in African capital markets, enhance regional integration, and create a unified investment platform that allows broader participation beyond national exchanges.
If executed, the offering would mark a turning point for Africa’s financial ecosystem, introducing a new model for multi-market listings while unlocking capital for large-scale industrial projects. The move signals a shift toward continental capital mobilisation, positioning Africa’s exchanges to play a more coordinated role in financing growth and competing in global investment markets.
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