Adedokun Waliyu 
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has revealed that investor interest in the planned listing of Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange is very strong, with private placement requests already exceeding $2 billion.
Dangote made this known during a visit by the leadership of FirstHoldCo to the 650,000 barrels per day refinery and Dangote Fertiliser Limited in Ibeju Lekki, Lagos.
According to him, the planned Initial Public Offering (IPO) is intended not only to raise capital but also to create wealth and give ordinary Africans an opportunity to invest in the refinery.
“There is significant interest in the IPO and private placement,” Dangote said. “Requests for private placement have already exceeded $2 billion. We are not allocating the full amount requested, but the response reflects the confidence investors have in the refinery and in the future of African industrialisation.”
He added that the goal is to allow Africans to benefit directly from the value being created through industrialisation.
Dangote also disclosed plans for a proposed East Africa Refinery with a projected capacity of 700,000 barrels per day, alongside polypropylene and base oil production facilities. He said the project could begin within the next three to four years once construction starts.
According to him, the new refinery project was not originally included in the Group’s Vision 2030 growth strategy, showing that the company is on track to exceed its long-term targets.
He stated that Dangote Group has maintained strong leadership positions across its businesses, including cement operations in 11 African countries, while expanding into refining, petrochemicals, and fertiliser production.
Dangote further noted that the Group has increased cement production capacity to 55 million tonnes annually, launched major projects such as the refinery and fertiliser plant, and developed clinker export terminals to improve regional trade and exports.
“We have built businesses that address Africa’s critical needs and create long-term value for the continent,” Dangote said. “Africa should stop exporting raw materials while importing finished products. That is equivalent to exporting jobs and importing poverty.”
Chairman of FirstHoldCo, Femi Otedola, requested the acquisition of $100 million worth of shares in the proposed refinery listing. He described the refinery as a major industrial project helping Africa reduce dependence on imported petroleum products.
Otedola praised Dangote for building what he described as the world’s largest single-train refinery and supporting Africa’s industrial transformation.
He also expressed confidence in Dangote Group’s plans to expand refining capacity to 1.4 million barrels per day, citing growing demand for refined petroleum products across Africa.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of vision, courage, and industrial ambition capable of inspiring similar investments across Africa.
He said the refinery demonstrates how large-scale industrial projects can help transform African economies and strengthen development across the continent.
