In March, drone strikes damaged at least 40% of oil storage tanks at the port of Primorsk. A total of 19 drones were shot down in the Leningrad region, while 30 were intercepted in Nizhny Novgorod. Russian refineries are now looking for new ways to export their products.

Meanwhile, the Nigerian Navy is actively combating illegal refining. On May 1, 2026, they destroyed five illegal refining sites in Rivers State. They also intercepted equipment used for illegal pipeline connections near the Soku Gas Plant corridor.

Key statistics from Nigeria:

• 85,000 litres of suspected crude oil discovered in Rivers State
• 78,000 litres of illegally refined Automotive Gas Oil (AGO) found
• The Navy’s operations have curtailed criminal activities along the Calabar-Oron channel

The Luanda Refinery in Angola is currently the country’s only fully functional refining plant. It has a capacity of 65,000 Barrels Per Stream Day (BPSD). Angola exported 1,152,930 barrels of oil per day in March 2026.

The Luanda Refinery is undergoing expansion to increase fuel production fourfold. The Cabinda Refinery is also set to begin commercial operations before the end of the second quarter of 2026.

These developments highlight the ongoing challenges faced by oil refineries amid geopolitical tensions and illegal activities. As Russian facilities adapt to changing circumstances, Nigerian authorities continue to clamp down on illegal refining operations.

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On April 14, 2026, Dangote announced plans to offer shares in his oil-refining company on multiple African stock exchanges, a move that would be unprecedented for the continent. This decision comes as part of a broader strategy to expand the refinery’s capacity to 1.4 million barrels per day over the next three years, supported by a $4 billion syndicated facility underwritten by the African Export-Import Bank.

The immediate effects of this announcement are profound. Dangote has appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. as advisers for the IPO, which is expected to launch within the next five months. Investors will have the option to receive dividends in either naira or dollars, broadening the appeal of the investment.

Dangote aims to list a 10 percent stake in his refinery on the Nigerian Exchange this year, with a total of 5 percent available in the upcoming IPO. This initiative is designed to deepen investor participation across multiple markets in Africa, allowing more individuals to invest in the refinery.

In a statement, Dangote expressed his intention to retain no more than 65 to 70 percent of the refinery shares, indicating a commitment to broadening ownership. “We don’t want to keep more than 65 to 70 percent. Shares will be offered incrementally, depending on investor appetite and market depth,” he stated.

Frank Mwiti, an expert in capital markets, noted, “The plan is to structure a pan-African IPO,” highlighting the significance of this initiative for regional investment dynamics. This approach could potentially transform the investment landscape in Africa, providing new opportunities for local and international investors alike.

Furthermore, Dangote emphasized the importance of inclusivity in this venture, stating, “At the moment, our main interest is to list on the exchange, so that every living Nigerian can own part of the refinery.” This sentiment reflects a broader trend towards democratizing access to investment opportunities in Africa.

As the IPO approaches, the anticipation builds around how this share offer will reshape the market and what it means for the future of the Dangote Refinery and its stakeholders. Details remain unconfirmed regarding the exact timeline and structure of the share offering, but the implications are already being felt across the continent.

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