In an interview with CNN’s Eleni Giokos, Dangote Group CEO Aliko Dangote discussed the company’s upcoming IPO and plans for further expansion of the company’s Lagos refinery.
https://www.digital.zenithbank.com/ZEQ/ZEQ-jan-2026/index.html#p=1The Dangote Group plans to sell more than 4 billion ordinary shares, set to be the continent’s biggest ever share sale. Dangote told Giokos, “This is going to be the biggest IPO ever in the history of Africa. And I hope definitely to be massively oversubscribed. The demand is very, very overwhelming.”
Dangote discussed his decision to list on the Nigerian stock exchange, saying, “Every African, has an opportunity to have a stake in this great refinery.”
The IPO proceeds are set to fund an expansion that would increase Dangote’s Lagos refinery’s capacity to 1.4 million barrels per day, potentially making it the world’s largest operating refinery. Dangote explains, “When we get there, we will be now major supplies of jet fuel to the world market, not only Europe. We’ll be the biggest in terms of gas oil, which means diesel, to the world market.”
Key Quotes
Dangote on the IPO:
“This is going to be the biggest IPO ever in the history of Africa. And I hope definitely to be massively oversubscribed. The demand is very, very overwhelming.”
Dangote on the decision to list on the Nigerian stock exchange:
“The IPO is going to open. I think each and every one of you, you know African, has an opportunity to have a stake in this great refinery. After we have gone to 1.4 million in the next two and a half years, we will now list in you know in the US, and I believe a lot of other people too will join because by that time we are going to be the biggest refinery ever in the history of the world with a massive petrochemical complex, and I think it is going to be something that people would definitely rush buy.”
Dangote on further expansion:
“When we get there, we will be a major supplier of jet fuel to the world market, not only Europe. We’ll be the biggest in terms of gas oil, which means diesel, to the world market.”
Dangote on future partnership opportunities:
“Potential partnership is always there. You know, there are quite a lot of people, without mentioning names, who are talking to us. They really want to partner with us. We have quite a lot, but you know we are not trying to gather people to now go and make these investments. We always want to now go and invest. We wanted to take that risk by putting up our own resources to make sure we deliver, so nobody would think about risk. But internationally, whether there is interest, massive interest, there are quite a lot of people who have a lot of interest.”
