Nigeria’s Dangote oil refinery is preparing for what could become Africa’s largest-ever stock market listing, with plans to raise about $5 billion through an initial public offering (IPO) expected to conclude in October 2026, according to a source familiar with the plan. The company plans to use proceeds from the IPO to expand the refinery’s capacity and support plans to build a similar facility in Kenya. Dangote Petroleum Refinery & Petrochemicals FZE has submitted its IPO application to Nigeria’s Securities and Exchange Commission and is expected to receive approval in the coming weeks, allowing it to publish a prospectus in September. The final size of the offering will depend on regulatory approval, with the primary listing expected to take place on the Nigerian Stock Exchange. A recent $2.5 billion private placement for a 6% stake valued the refinery at about $40 billion.