AFRICA’S RICHEST MAN ALIKO DANGOTE SET TO TAKE $20 BILLION REFINERY PUBLIC

Aliko Dangote is set to launch Africa’s largest-ever IPO as Dangote Refinery offers 4.1 billion shares at ₦525 each, targeting ₦2.15 trillion to finance a major expansion of its refining capacity.

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Africa’s richest man, Aliko Dangote, is set to take his $20 billion Dangote Petroleum Refinery and Petrochemicals FZE to the public market in what is expected to become Africa’s largest-ever initial public offering (IPO).

The landmark share sale is scheduled to open on September 14, 2026, following the signing of the IPO documents in Lagos on September 7. The offer will run until October 13.

Dangote targeting ₦2.15 trillion

Under the approved terms, Dangote Petroleum Refinery will offer 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the IPO could raise approximately ₦2.15 trillion ($1.6 billion).

The minimum subscription has been set at 10 shares, meaning investors can enter the offer with a minimum investment of ₦5,250. Dangote has positioned the relatively low entry point as an opportunity for ordinary Nigerians and other African investors to acquire a stake in the refinery.

The offer values the refinery at roughly $49 billion, making it one of Africa’s most valuable industrial companies.

Funds to finance massive expansion

The money raised through the IPO will help finance plans to significantly expand the refinery's processing capacity.

The facility currently has a tested capacity of about 700,000 barrels of crude oil per day, while its expansion programme targets 1.4 million barrels per day by 2029. The planned expansion is expected to make the facility the world's largest refinery by capacity.

The company has outlined an estimated $14.3 billion expansion programme, underlining Dangote's ambitions to turn the refinery into a major energy hub serving Nigeria and international markets.

IPO opens investment opportunity to ordinary Nigerians

Speaking during the signing ceremony in Lagos, Dangote said the share sale was designed to allow people from different economic backgrounds to participate in the refinery's growth.

The billionaire said the company wanted its drivers, cooks, workers and other ordinary citizens to have an opportunity to own a stake in the business.

The approach could significantly broaden participation in Nigeria's capital markets by allowing retail investors to buy into one of the continent's biggest industrial projects.

Located in the Lekki Free Zone near Lagos, the Dangote Refinery was built at a cost of approximately $20 billion after nearly a decade of construction.

Commercial operations began in 2024, and the refinery has since become a major player in Nigeria's petroleum industry and an increasingly important exporter of refined products to African and international markets.

The company reported a significant turnaround in its financial performance, recording approximately $1.82 billion in after-tax profit during the first half of 2026, compared with a loss of about $476 million during the same period in 2025.

The IPO is expected to become a major test of investor appetite for large Nigerian companies while potentially boosting the overall size of the Nigerian Exchange.

The Securities and Exchange Commission has already approved the offer, clearing the way for the September 14 launch. The refinery is expected to list on the Nigerian Exchange later in the year.

The historic offering comes as Dangote continues to expand his business interests across Africa. The group has also announced plans for a new refinery in Kenya, highlighting its broader ambitions in the African energy sector.

If successful, the Dangote Refinery IPO will mark a major milestone not only for Aliko Dangote but also for Africa's capital markets, giving millions of potential investors an opportunity to participate in one of the continent's biggest industrial ventures.