Dangote Refinery picks Stanbic IBTC, Vetiva, First Capital for historic NGX listing

THE Dangote Group has moved a step closer to listing its flagship refinery business by appointing three investment banks to coordinate what could become the largest share sale ever undertaken in Africa’s capital markets.

According to sources familiar with the arrangement, Stanbic IBTC Capital, Vetiva Capital Management and First Capital have been selected as lead issuing houses and financial advisers for the planned flotation of Dangote Petroleum Refinery & Petrochemicals FZE on the Nigerian Exchange. The appointment signals a transition from early announcement to execution phase for the landmark transaction.

Stanbic IBTC Capital, which operates under the Standard Bank Group, is expected to oversee the international book-building process and coordinate engagement with foreign portfolio investors. Vetiva Capital Management, known for its advisory role in previous Dangote listings, will focus on retail distribution within Nigeria and regulatory coordination. First Capital’s mandate includes deepening participation among pension funds and domestic institutional asset managers.

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Chief Operating Officer of Investdata Consulting, Mr Ambrose Omordion, noted that the firms involved have handled several major transactions on the NGX and possess the technical depth required for a listing of this magnitude.

The group intends to float between 5 percent and 10 percent of the $20 billion refinery. Market analysts estimate the company could debut with a valuation ranging from $40 billion to $50 billion. At that level, the listing could lift the NGX’s overall market capitalisation beyond N200 trillion, marking a significant expansion in the size of Nigeria’s equities market.

One of the most innovative aspects of the proposed offer is its dividend framework. While shares will be purchased in naira, investors may opt to receive dividends in US dollars, a structure not previously implemented on the NGX. The model is supported by the refinery’s projected annual export earnings of $6.4 billion and is designed to limit currency exposure for offshore investors.

“You buy in naira, but you get dividends in dollars,” Mr Dangote said on December 11, 2025. He said Dangote Group was projecting a revenue of $100 billion by 2030, from the current $18 billion, noting that the expansion would place the Group, targeting $200 billion capitalisation, among the world’s 100 largest companiesn.

Regulatory clearance

Regulatory clearance will be required, and discussions are ongoing between Dangote’s advisers, the Securities and Exchange Commission (SEC), and the exchange.

On February 21 during a tour of the refinery complex by NNPC Group Chief Executive Officer, Mr Bayo Ojulari, Mr Dangote had indicated shares would be available within four to five months. Current indications suggest a prospectus filing with the SEC could take place in April, followed by a nationwide retail roadshow and the launch of an electronic IPO subscription platform in May. A main board listing is tentatively projected for June or July 2026.

Strategoc framework with Sinoma

In a separate development, Dangote Cement signed a strategic framework agreement in Lagos over the weekend with Sinoma International Engineering of China. The agreement covers 12 new construction projects and expansions across Africa valued at more than $1 billion. It forms part of the company’s ambition to increase production capacity to 80 million tonnes per annum by 2030, in line with the Dangote Group’s broader target of generating $100 billion in annual revenue by that year.

Under the arrangement, Sinoma will undertake greenfield plant construction, brownfield expansions and modernisation works in several countries. Planned projects include new integrated and grinding plants in northern Nigeria, Ethiopia, Zambia, Zimbabwe, Tanzania, Sierra Leone and Cameroon. Within Nigeria, works will span facilities in Itori, Apapa, Lekki, Port Harcourt and Onne.

READ ALSO: Economist: Dangote NGX listing could lift market cap above N200trn

Group Managing Director, Mr Arvind Pathak, said the partnership is intended to close supply gaps and reinforce infrastructure growth across the continent, with the longer-term objective of cement self-sufficiency in Africa. Board Chairman, Mr Emmanuel Ikazoboh, added that the projects will significantly expand output and reinforce the company’s competitive standing in regional markets.

The cement expansion drive is backed by an upgraded gas supply agreement with NNPC subsidiaries — Nigerian Gas Marketing Limited and NNPC Gas Infrastructure Company — ensuring reliable fuel supply for higher production volumes and supporting the company’s transition towards compressed natural gas for transportation and industrial use.