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Market Chatter: Nigeria's Dangote Refinery Aims to Raise $5 Billion With October Listing

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Nigeria's Dangote oil refinery is preparing for what is set to be Africa's largest-ever market listing, seeking to raise about $5 billion through an initial public offering slated to conclude in October, Reuters reported on Friday, citing industry sources.

Majority-owned by billionaire Aliko Dangote, the 650,000-barrel-per-day Lagos-based facility recently capitalized on surging global energy disruptions driven by the Middle East conflict, boosting revenue by supplying jet fuel across Africa and Western Europe amid acute shortages.

The energy firm now plans to deploy the fresh capital to scale up its domestic processing capacity and replicate its refining model with a similar installation in Kenya. Stock exchanges in South Africa, Kenya, Egypt, Ghana, and Rwanda have held a series of discussions with the refinery's advisers in recent months to secure a role in the cross-border transaction.

Dangote Petroleum Refinery did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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