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🇵🇾 Paraguay /Energy & Infrastructure

Africa’s largest refinery, Nigeria’s Dangote, seeks to raise €1.4 billion

From ABC Color · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Official statement Approved/passed
  • Dangote Refinery is preparing an initial public offering that could raise about €1.4 billion after Nigeria’s securities regulator approved the launch.
  • The proposed offering covers 4.1 billion ordinary shares priced at 525 naira each, while the company plans to double refining capacity to 1.4 million barrels per day within 30 months.
  • The refinery began producing fuel in 2024 and supplies Nigeria while exporting gasoline, diesel and aviation fuel to other African markets, Europe, the United States and Saudi Arabia.

Dangote Refinery, Africa’s largest, is preparing an initial public offering that could raise about €1.4 billion as the Nigerian company works to double its processing capacity.

The Nigerian Securities and Exchange Commission has approved the IPO, according to a Dangote Group statement reported by local media. The proposed offering includes 4.1 billion ordinary shares priced at 525 naira, or about €0.34, per share. If fully subscribed, it could raise approximately 2.15 trillion naira, equivalent to around €1.4 billion.

The regulatory approval clears the way for the company to finalize the offer documents, hold a board meeting and complete the signing ceremony. Dangote described the approval as an important milestone in the refinery’s move toward a public listing.

The plant, located in the Lekki Free Trade Zone near Lagos, processed more than 700,000 barrels of crude per day for the first time in June. It is being expanded and refurbished to reach a capacity of 1.4 million barrels per day within the next 30 months.

Allows the way for what could become one of the largest capital-market transactions in Nigeria’s history.

· Dangote GroupThe company described the significance of the securities regulator’s approval for its planned IPO.

Dangote highlighted the refinery’s maritime and storage infrastructure, including a self-sufficient marine facility designed to improve logistics and cargo transport. The company said the site has the world’s largest order of five single-point mooring systems and uses processing technology that meets World Bank, U.S. Environmental Protection Agency, European emissions and Nigerian regulatory standards.

Its port facilities include several docks capable of receiving Panamax vessels, handling liquid cargo and loading and unloading roll-on/roll-off ships. The storage network comprises 177 tanks with a combined capacity of 4.742 billion liters.

Owned by Nigerian billionaire Aliko Dangote, Africa’s richest man, the refinery began producing fuel in 2024. It has since increased output of gasoline, diesel and aviation fuel. The company says it supplies the Nigerian market and exports to other African countries, Europe, the United States and Saudi Arabia.

The refinery has extensive world-class infrastructure, including a self-sufficient marine facility designed to optimize logistics and cargo-transport efficiency.

· Dangote GroupThe company highlighted the refinery’s infrastructure in its IPO announcement.
About this summary

Originally published by ABC Color in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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