David Bird, the first standalone chief executive of Dangote Refinery, said he is bracing for an 'extremely busy' April as the $20 billion facility could become one of Nigeria's most significant initial public offerings.
The British executive, who took charge of Africa's largest oil refinery in a newly created role, revealed 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 advisers have cautioned him against planning any vacations during the crucial month when engagement with financial institutions and legal counsel will intensify.
“I have been warned that I will have an extremely busy April. I should not make vacation plans at that time,” Byrd said Wednesday.
The facility, built by Aliko Dangote, Africa's richest man, represents the continent's largest single-train petroleum refinery and is designed to meet Nigeria's entire fuel demand while generating a surplus for export.
Bird stressed that the listing would prioritize making the shares accessible not only to institutional investors but also to ordinary Nigerians.
The company is planning a two-tier approach, which includes a retail offering to the general public followed by an institutional placement.
“Every Nigerian can feel about it, and you can do that with an ownership mentality, and make everyone see the opportunity to invest in the refinery,” Bird said, reiterating President Bola Tinubu's stated obsession that “every Nigerian has 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 share would depend on “capacity and market interest.”
According to Bird, IPO preparations are underway “at full speed” as the company works to meet its 2025 deadline.
The listing comes as the refinery ramps up operations following its launch in September 2024.
The facility is processing crude oil into gasoline, diesel and aviation fuel, which has the potential to transform Nigeria from a major fuel importer to a regional energy hub, despite being Africa's largest crude producer.
For Nigeria, the listing represents a test of the ability of domestic capital markets to absorb a mega-deal at a time when the country's economy is reeling from currency devaluation and inflationary pressures under Tinubu's economic reforms.
