Dangote Picks Stanbic IBTC, Vetiva, First Capital for Refinery NGX Listing

The Dangote Group has appointed Stanbic IBTC Capital, Vetiva Capital Management, and First Capital as lead issuing houses and financial advisers for the upcoming Nigerian Exchange (NGX) listing of its $20 billion Dangote Petroleum Refinery & Petrochemicals FZE.

Sources familiar with the matter say this could mark Africa’s largest equity offering, with plans to float 5-10 per cent of the refinery at a debut valuation of $40-50 billion—potentially boosting NGX’s market cap past N200 trillion.
Stanbic IBTC, part of Standard Bank, will handle international book-building and foreign investor outreach, while Vetiva, with prior Dangote listing experience, focuses on local retail and regulations.

On its part, First Capital targets Nigerian pension funds and institutions.
Commenting on it, the COO of Investdata Consulting, Ambrose Omordion, noted these firms’ track record in major NGX deals.A standout feature: Shares bought in naira could pay dividends in US dollars, drawing on the refinery’s $6.4 billion annual export revenue. This currency hedge needs SEC and NGX approval, with discussions underway.

Dangote announced the timeline on February 21 during an NNPC tour, eyeing prospectus submission in April, retail roadshows and e-IPO in May, and listing by June-July 2026.

In related news, Dangote Cement inked a $1 billion+ deal with China’s Sinoma International Engineering for 12 new projects and expansions across Africa, targeting 80 million tonnes annual capacity by 2030 to support the group’s $100 billion revenue goal. Sites include northern Nigeria, Ethiopia, Zambia, and others. Upgraded NNPC gas deals ensure fuel supply.