Dangote Group has outlined a financing plan for its proposed 700,000 barrels-per-day (bpd) oil refinery in Kenya, relying on a combination of an initial public offering and bond issuance.
The move marks a significant step in the conglomerate's strategy to expand its refining footprint beyond Nigeria, targeting a combined capacity of 2.1 million bpd across both markets.
The proposed capital raise is part of a broader effort to fund the construction of the Kenyan facility, which aims to reduce East Africa's reliance on imported refined products.
By tapping public markets, the group seeks to diversify its funding sources and potentially unlock value for a wider investor base, aligning with the staggering $40 billion valuation attached to the proposed Dangote Petroleum Refinery listing.
This development follows earlier reports that Dangote Industries Limited had outlined an ambitious expansion plan to scale its operations significantly.
The shift toward public market financing for such a large-scale infrastructure project could reshape the landscape of African capital markets, offering investors a direct stake in one of the continent's most significant energy assets.