Dangote Refinery Chooses Stanbic IBTC, Vetiva Capital Management, and First Capital for Historic NGX Listing Mandate
The Dangote Group has appointed Stanbic IBTC Capital, Vetiva Capital Management, and First Capital Limited as lead issuing houses and financial advisers for the planned listing of its Dangote Petroleum Refinery & Petrochemicals business on the Nigerian Exchange (NGX).
The refinery’s planned public offering — which could involve floating 5–10% of the business at a valuation potentially between $40 billion and $50 billion — is expected to be one of the largest equity offerings in the history of the African capital markets.
Under the arrangement:
- Stanbic IBTC Capital — part of Standard Bank Group — will lead the international book-building process and coordinate engagement with global institutional investors.
- Vetiva Capital Management is expected to leverage its deep knowledge of local markets and regulatory frameworks to support domestic retail distribution.
- First Capital will bring its expertise in financial advisory and capital markets execution to the process.
The appointment of these advisory teams follows recent statements by the Dangote Group’s leadership that Nigerian investors may be able to purchase shares in the refinery within the next four to five months, signalling a near-term push toward market debut readiness.
Analysts say the engagement of both international and local advisory firms is designed to strike a balance between global capital access and strong domestic investor participation — a strategy that could further deepen liquidity on the NGX and strengthen Nigeria’s capital markets.
The Dangote Petroleum Refinery, a flagship project of Africa’s largest integrated oil and petrochemical complex, has been a cornerstone of Dangote Group’s strategy to reduce fuel imports, spur local refining capacity, and generate significant export revenues.
