David Bird, the first standalone chief executive officer of Dangote Refinery, said he’s bracing for an “extremely busy” April as the $20 billion facility prepares for what could become one of Nigeria’s most significant initial public offerings.
The British executive, who took the helm of Africa’s largest oil refinery in a newly created role, disclosed that the company is accelerating preparations to list a portion of the 650,000 barrel-per-day facility on the Nigerian stock exchange within 2025.
Bird said his advisors have cautioned him against planning any holidays during the crucial month when engagement with financial institutions and legal counsel will intensify.
” I have been warned that my April will be extremely busy. I shouldn’t be planning holidays at that time,” Bird said on Wednesday.
The facility, built by Africa’s richest man Aliko Dangote, represents the continent’s largest single-train petroleum refinery and is designed to meet Nigeria’s entire fuel demand while generating surplus for export.
Bird emphasised that the listing would prioritise making shares accessible to ordinary Nigerians, not just institutional investors.
The company plans a two-tier approach, with institutional placement followed by retail offerings to the general public.
“Every Nigerian can feel about, and you can do that with an ownership mentality, and seeing everyone having the opportunity to invest in the refinery,” Bird said, echoing President Bola Tinubu’s stated passion that “every Nigerian owns a piece of Dangote.”
The executive stopped short of specifying the exact percentage of the refinery that would be offered to the public, saying the portion would depend on “capacity and interest in the market.”
The IPO preparations are proceeding at “full steam ahead,” according to Bird, as the company works to meet its 2025 timeline.
The listing comes as the refinery ramps up operations following its September 2024 launch.
The facility has been processing crude oil into gasoline, diesel and aviation fuel, with the potential to transform Nigeria from a major fuel importer into a regional energy hub despite being Africa’s largest crude producer.
For Nigeria, the listing represents a test of domestic capital markets’ ability to absorb a mega-deal at a time when the country’s economy continues recovering from currency devaluation and inflation pressures under Tinubu’s economic reforms.
