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Oil refinery in Lagos, Nigeria
Dangote Refinery is owned by the Dangote Group and located in Lekki, Nigeria. The refinery was officially commissioned on May 22, 2023 and began operations in January 2024, processing crude into products like diesel and aviation fuel. The production of Premium Motor Spirit (PMS), began in September 2024. Originally intended to have a refining capacity of about 650,000 barrels of crude oil per day at full operation, the refinery is the largest single-train refinery in the world with initial investments in excess of $19 billion.
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Uganda has joined Kenya in allowing eligible investors to participate in Dangote Petroleum Refinery’s $1.6 billion initial public offering (IPO), expanding access to the Nigerian refinery’s landmark share sale across East Africa.
Kenya's Capital Markets Authority has approved a depositary receipt route for Kenyan investors to buy into billionaire Aliko Dangote's $1.6 billion refinery IPO, the first such deal under its GDR rules.
CMA approves a Renaissance Capital prospectus that lets eligible Kenyan investors join the Dangote Refinery IPO through GDRs before it closes October 13.