After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York
Published . Updated .
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After Dangote Refinery attracted $4.78 billion in orders, NNPC is considering a 5% to 10% IPO and possible secondary listing in London or New York. | Business Insider Africa
Directly affected
- No company is named in this report.
Indirectly affected
- CRAK VanEck Oil Refiners ETF
VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refinery” (refining) in this story.
- XLE Energy Select Sector SPDR+6.9% 30d
Energy Select Sector SPDR: it holds refiners, whose margins move with fuel prices. Linked by “refinery” (refining) in this story.
- USO United States Oil Fund+6.3% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- BWET Breakwave Tanker Shipping ETF-3.3% 17d
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “oil” (tanker shipping) in this story.
- AFK VanEck Africa Index ETF
VanEck Africa Index ETF holds stocks listed in Africa, which this story is about (“africa”).
- EWU iShares MSCI United Kingdom ETF-2.3% 19d
iShares MSCI United Kingdom ETF holds stocks listed in the UK, which this story is about (“london”).
- VLO Valero Energy+3.1% 30d
Valero Energy (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refinery” (refining) in this story.
- MPC Marathon Petroleum+8.7% 11d
Marathon Petroleum (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refinery” (refining) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| CRAK | +4.46% | +3.83% | base | after close | after close | after close | after close |
| XLE | +8.14% | +5.85% | base | after close | after close | after close | after close |
| USO | +15.71% | +7.84% | base | after close | after close | after close | after close |
| BWET | +32.30% | +28.62% | base | after close | after close | after close | after close |
| AFK | -0.61% | -3.08% | base | after close | after close | after close | after close |
| EWU | -2.57% | -1.84% | base | after close | after close | after close | after close |
| VLONo price data for this ticker | — | — | — | — | — | — | — |
| MPCNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York Business Insider Africa
Source: Business Insider Africa
Price since this story was published: United States Oil Fund (USO)
| Company | When | Move | Status |
|---|---|---|---|
| Vaneck Etf Trust (AFK) | three days earlier | -3.08% | final price |
| Vaneck Etf Trust (AFK) | five days earlier | -0.61% | final price |
| Amplify Commodity Trust (BWET) | three days earlier | +28.62% | final price |
| Amplify Commodity Trust (BWET) | five days earlier | +32.30% | final price |
| Vaneck Etf Trust (CRAK) | three days earlier | +3.83% | final price |
| Vaneck Etf Trust (CRAK) | five days earlier | +4.46% | final price |
| Ishares Tr (EWU) | three days earlier | -1.84% | final price |
| Ishares Tr (EWU) | five days earlier | -2.57% | final price |
| United States Oil Fund (USO) | three days earlier | +7.84% | final price |
| United States Oil Fund (USO) | five days earlier | +15.71% | final price |
| Select Sector Spdr Tr (XLE) | three days earlier | +5.85% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | +8.14% | final price |
Congressional trades in the stocks in this story
- Rep. David J. Taylor sold Marathon Petroleum (MPC), worth $1,001 - $15,000 on 15 Oct 2026. That is 21 days before publication. Filed 29 Oct 2026. View the filing.
- Rep. David J. Taylor sold Marathon Petroleum (MPC), worth $1,001 - $15,000 on 22 Sep 2026. That is 44 days before publication. Filed 1 Oct 2026. View the filing.
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 22 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 66 days before publication. Filed 25 Sep 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
United States Oil Fund (USO) on one side of this energy story
Companies tied to this story
- USO United States Oil Fund
For “After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York,” United States Oil Fund (USO) is linked, with no stored direction, medium confidence. Reason on file: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
- XLE Select Sector Spdr Tr
In “After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York,” Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence. Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
- CRAK Vaneck Etf Trust
Vaneck Etf Trust (CRAK) is linked, with no stored direction, medium confidence in the 5 Nov 2026 story “After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York.” Reason on file: VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refinery” (refining) in this story
- BWET Amplify Commodity Trust
Amplify Commodity Trust (BWET) is linked, with no stored direction, medium confidence in the 5 Nov 2026 story “After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York.” Reason on file: Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “oil” (tanker shipping) in this story
- AFK Vaneck Etf Trust
For “After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York,” Vaneck Etf Trust (AFK) is linked, with no stored direction, medium confidence. Reason on file: VanEck Africa Index ETF holds stocks listed in Africa, which this story is about (“africa”)
- EWU Ishares Tr
Ishares Tr (EWU) is linked, with no stored direction, medium confidence in the 5 Nov 2026 story “After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York.” Reason on file: iShares MSCI United Kingdom ETF holds stocks listed in the UK, which this story is about (“london”)
- XOM ExxonMobil Holdings
ExxonMobil Holdings (XOM) is linked, with no stored direction, medium confidence in the 5 Nov 2026 story “After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York.” Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- BP Bp
Bp (BP) is linked, with no stored direction, medium confidence in the 5 Nov 2026 story “After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York.” Reason on file: BP p.l.c (petroleum refining, with business in the UK): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
How energy news reaches United States Oil Fund (USO)
On 5 Nov 2026, “After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York” is the story that connects United States Oil Fund (USO) to Energy.
The link for United States Oil Fund (USO) is this: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
A second company, Select Sector Spdr Tr (XLE), is listed for a different reason: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
Price levels for United States Oil Fund (USO)
USO traded between 142.51 and 171.80 across 20 sessions. The latest close on file is 158.17. XLE traded between 63.05 and 70.15 across 20 sessions. The latest close on file is 66.70.
How strong the case is around United States Oil Fund (USO)
46 out of 100
“After investors placed $4.78 billion in orders for Dangote’s refinery, Africa’s largest oil producer’s state oil giant weighs selling up to 10% and listing in London or New York” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.