Dangote Launches Africa’s Biggest-Ever IPO as Refinery Offers 4.1bn Shares

Nigerian billionaire and industrialist Aliko Dangote has launched the initial public offering (IPO) of his flagship Dangote Petroleum Refinery and Petrochemicals, opening the landmark share sale to investors across Nigeria.

The offering, which opened on Monday, September 14, is being described as Africa’s largest-ever initial public offering, marking a major development for Nigeria’s capital market and the continent’s energy industry.

The refinery is offering 4.1 billion ordinary shares at ₦525 each, giving the offer a potential value of about ₦2.15 trillion ($1.6 billion) if fully subscribed. The transaction could raise as much as $2.1 billion if demand triggers the additional shares available under the greenshoe option.

The IPO gives retail investors an opportunity to acquire a stake in the refinery, with subscriptions available through digital and financial platforms. The minimum subscription is 10 shares, costing ₦5,250. The offer is scheduled to close on October 13, 2026, while trading is expected to commence on the Nigerian Exchange later in November.

The refinery, located in the Lekki area of Lagos, was built at a cost of roughly $20 billion and began operations in 2024. It currently has a processing capacity of about 700,000 barrels of crude oil per day, according to Reuters, and has become a major supplier of refined petroleum products to Nigeria and international markets.

Dangote Group plans to use proceeds from the IPO to support an ambitious expansion programme. The company intends to increase the refinery’s capacity to 1.4 million barrels per day by 2029, alongside investments in related infrastructure and expansion across Africa. The planned expansion has been estimated at about $14.3 billion.

The IPO comes as the refinery has reported a sharp improvement in financial performance. Reuters reported that the business recorded $1.82 billion in net profit in the first half of 2026, compared with a loss of $476 million during the same period a year earlier. Revenue exceeded $13 billion during the period.

The public offering represents a significant shift for Dangote’s refinery, moving the asset from private ownership towards broader public participation. The Dangote Group is offering a minority stake while retaining majority ownership of the business. Reuters reported that the group is selling a 3.3% stake in the refinery through the IPO.

The offering is also expected to deepen Nigeria’s capital market by bringing one of Africa’s largest industrial assets to the Nigerian Exchange and giving ordinary investors access to an energy company that has become strategically important to Nigeria’s fuel supply.