Aliko Dangote is establishing a dedicated investment vehicle in Kenya that will allow investors to gain exposure to the Dangote Group ahead of the planned pan-African listing of its petroleum refinery business.
The structure, which will offer returns in US dollars, is part of a broader ownership restructuring at Dangote Industries as the conglomerate prepares for what could become one of Africa’s largest industrial public offerings.
Dangote disclosed the plan during an interview with Makhtar Diop, confirming Kenya as a key investor entry point beyond the secondary listing on the Nairobi Securities Exchange previously reported by Bloomberg.
“In Kenya, we put up a vehicle, and all investment will be done there. When they want to sell down, they can always sell down because there is a certificate. You can take your capital out at any time,” Dangote said.
Diop pledged support from the World Bank Group and the International Finance Corporation, saying industrialisation across Africa requires long-term institutional backing.
“Industrialization of Africa will require people to take risks and invest in it. If institutions like ours are not here to support that, it will not happen,” Diop said.
Dangote’s refinery reached its full processing capacity of 650,000 barrels per day in February 2026 after a US$20 billion construction effort. The IFC was among the original financiers, providing a US$478 million loan in 2005 that Dangote said was repaid within 18 months.
Dangote also revealed that the parent company has never paid dividends since inception, with all profits continuously reinvested into expanding operations.
“The parent company, Dangote Industries, has never given dividend. I have never taken one dime out of the company since we started. Everything has been reinvested back into the business,” he said.
The conglomerate is targeting annual revenue of US$100 billion and EBITDA of between US$30 billion and US$35 billion across its operations, with projected annual dividend payouts estimated at US$20 billion to US$25 billion once the business reaches scale.
“All our dividends will be in dollars. You can choose whether you want naira, dollars, or South African rand. Whatever you need, we'll pay. But it will be calculated and paid in dollars,” Dangote added.
The planned refinery IPO aims to raise up to US$5 billion through the sale of between 5% and 10% of Dangote Petroleum Refinery and Petrochemicals FZE. Analysts value the refinery at between US$40 billion and US$50 billion.
The primary listing is expected on the Nigerian Exchange Group main board between June and July 2026, while the Nairobi Securities Exchange is among six African bourses expected to participate in the wider cross-listing programme.
The exact structure of the Kenya investment vehicle — whether through a listed entity, depository receipt programme, or special purpose vehicle — has not yet been disclosed.
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