Aliko Dangote is structuring a dedicated investment vehicle in Kenya that will allow investors to buy into the Dangote Group ahead of the planned pan-African initial public offering of his petroleum refinery.
- •All returns will be paid in US dollars, as the World Bank Group commits to supporting the continent's largest industrial ownership programme.
- •The disclosure came during an interview with IFC President Makhtar Diop, in which Dangote identified Kenya as a specific investor entry point beyond the secondary NSE listing first reported by Bloomberg in April.
- •The Kenya vehicle is part of a broader ownership restructuring at Dangote Industries, the parent group, which has never distributed an external dividend.
"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," he said.
Diop confirmed institutional support. "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. You have the full commitment of the World Bank Group," he told Dangote.
The refinery, which trading companies and major corporations openly said would never be built, reached full capacity of 650,000 barrels per day in February 2026 after costing US$20 billion (KSh 2.59 trillion) to build. IFC was part of the original financing pool, providing US$478 million (KSh 61.94 billion) in 2005 on a seven-year loan that Dangote repaid in 18 months.
"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," Dangote said.
The group is tracking toward US$100 billion in annual revenue and EBITDA of between US$30 billion and US$35 billion across all operations, with projected dividends of between US$20 billion and US$25 billion annually once it 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," he said.
The refinery IPO, first reported by Bloomberg, targets a raise of up to US$5 billion (KSh 647.40 billion) through an initial offer of 5% to 10% of Dangote Petroleum Refinery and Petrochemicals FZE, with analysts valuing the refinery at between US$40 billion (KSh 5.18 trillion) and US$50 billion (KSh 6.47 trillion).
The primary listing targets the Nigerian Exchange Group main board between June and July 2026. The NSE is among six African bourses involved, NSE Chief Executive Frank Mwiti confirmed.
The precise structure of the Kenya vehicle, whether an NSE-listed entity, depository receipt programme, or special purpose vehicle, has not been disclosed.
