By: Reuters

Dangote Petroleum Refinery's planned October IPO, which could become Africa's largest, is designed to let Nigerians share in the company's growth, its CEO told Reuters, adding that a foreign listing is at least three years away.

The refinery has submitted an application for a potential $5 billion IPO to Nigeria's Securities and Exchange Commission, a source familiar with the matter told Reuters, although the final size has yet to be decided.

"The mandate of the IPO was to be the people's IPO," CEO David Bird said, adding that investor interest had been strong.

Owned by Africa's richest man, Aliko Dangote, the refinery supplies most of Nigeria's gasoline and diesel demand and all of its jet fuel needs.

Bird said the company wants at least three years of proven production and financial performance before pursuing an overseas listing, with London among the venues mentioned by market participants.

Bird declined to comment on the size of the IPO or the refinery's valuation. The source said the company could take into account the $2.5 billion raised in a July private placement, which valued the refinery at about $40 billion.

He also confirmed plans to double refining capacity to 1.4 million barrels per day within three years by replicating the existing refinery.

(Camera: Sodiq Adelakun and Sanni Kazeem; Editing and Production: Angela Ukomadu; Writing: Chijioke Ohuocha)