Aliko Dangote has said his oil refinery could pursue a secondary listing in the United States after its planned Nigerian flotation, potentially giving investors in one of Africa’s largest industrial assets access to a deeper global capital market. According to Reuters, Dangote said on Monday that a US secondary listing was among the possibilities being considered, while the refinery’s primary listing is proceeding in Nigeria. The development comes as Dangote Petroleum Refinery begins what is set to become Africa’s largest initial public offering, with 4.1 billion shares being offered at 525 naira each.
The Nigerian IPO is expected to raise about 2.15 trillion naira, or roughly $1.6 billion, while the refinery is valued at approximately 63 trillion naira, equivalent to about $47.6 billion, according to Reuters. The company plans to use the proceeds to expand its 700,000 barrels per day facility to 1.4 million barrels per day over the next three years. Reuters also reported that the refinery generated $1.82 billion in net profit during the first half of 2026 on revenue of more than $13 billion, a significant turnaround from the previous year. The IPO is open to retail investors and is scheduled to close on October 13, with trading expected to begin in late November.
A potential US listing would represent a further step in Dangote’s effort to connect the refinery with international capital markets as the business expands beyond Nigeria. The refinery, which cost about $20 billion to build, has reached full production and is already playing a significant role in Nigeria’s fuel supply while positioning itself as an exporter of refined petroleum products. Reuters previously reported that Dangote had considered international listings for the refinery, while the Johannesburg Stock Exchange said in August that it had engaged with the group over a possible South African listing following the Nigerian IPO. The latest US proposal therefore suggests that Dangote is assessing multiple routes to broaden international investor participation in the asset.
The potential US listing could ultimately become more important than the immediate capital raised through the Nigerian IPO because it would expose the refinery to a substantially wider pool of global investors and potentially improve its access to international capital as expansion plans accelerate. For Nigeria, the listing also represents an important test of whether a major domestic industrial asset can attract significant retail and institutional investment through the local market before expanding its global shareholder base. Investors will now watch the performance of the Nigerian offering, the refinery’s capacity expansion and any formal announcement regarding a US listing, particularly as Dangote seeks to transform the refinery from a landmark Nigerian project into a major African energy platform.
