Dangote Refinery Appoints Advisers Ahead of Planned Nigerian Exchange Limited Listing

Dangote Refinery has moved closer to its anticipated listing on the Nigerian Exchange Limited (NGX), with indications that Stanbic IBTC Capital, First Capital and Vetiva Capital Management will serve as financial advisers for the transaction.

Stanbic IBTC Capital, a member of Standard Bank Group and one of Nigeria’s leading investment banks, is expected to work alongside the other advisory firms to structure and execute the refinery’s debut on the NGX main board. Market watchers say the listing could significantly deepen the exchange, attract both local and international investors, and reshape valuation dynamics on the bourse.

President of the Dangote Group, Aliko Dangote, recently disclosed that the refinery’s shares are expected to be listed within the next four to five months. He made the announcement during a visit to the facility by the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bayo Ojulari, and other senior officials.

Dangote had earlier unveiled plans to list a 10 per cent stake in the $20 billion refinery this year. He also revealed that discussions are ongoing with regulators to enable dividend payments in US dollars, a move designed to help investors hedge against currency volatility. According to him, the company is working closely with both the NGX and the Securities and Exchange Commission to finalise the structure of the proposed initial public offering (IPO).

Commenting on the development, the Chief Operating Officer of Investdata Consulting Ltd., Ambrose Omordion, noted that the advisory firms named have extensive experience handling major listings on the exchange and possess the expertise required to successfully deliver the transaction.

In a related development, Dangote Cement Plc, a subsidiary of Dangote Industries Limited, has signed a strategic agreement with Sinoma International Engineering for the construction of 12 new projects and the expansion of existing facilities across Africa.

The agreement, valued at over $1 billion and signed in Lagos, aligns with the Dangote Group’s Vision 2030 strategy. The projects are aimed at increasing Dangote Cement’s production capacity to 80 million tonnes per annum by 2030 and supporting the Group’s broader revenue target of $100 billion within the same period.

Under the framework agreement, Sinoma will partner with Dangote Cement to deliver new plants, brownfield expansions and modernisation initiatives to boost operational efficiency. Planned projects include a new integrated production line in Northern Nigeria with satellite grinding units, a new line in Ethiopia, and additional developments in Zambia, Zimbabwe, Tanzania, Sierra Leone and Cameroon. In Nigeria, projects are also slated for Itori, Apapa, Lekki, Port Harcourt and Onne.

Chairman of Dangote Cement, Emmanuel Ikazoboh, said the projects would strengthen the company’s leadership in Africa’s cement industry. Group Managing Director Arvind Pathak added that the expansion drive is designed to close supply gaps, support infrastructure development across the continent and enhance self-sufficiency in cement production.

The company has also expanded its Gas Sales and Purchase Agreements with subsidiaries of the Nigerian National Petroleum Company Limited – Nigerian Gas Marketing Limited and NNPC Gas Infrastructure Company Limited – to secure gas supplies needed for production growth and compressed natural gas (CNG) initiatives. The move is expected to support cleaner energy adoption and rising manufacturing capacity.

Dangote Cement currently operates integrated plants, grinding facilities and distribution hubs across several African markets, with ongoing upgrades focused on boosting efficiency and reducing its carbon footprint.