_…Africa’s Largest-Ever Share Sale Targets N2.15 Trillion to Fund Expansion to 1.4m bpd-
The Dangote Petroleum Refinery & Petrochemicals FZE on Monday officially opened its Initial Public Offering, IPO, on the Nigerian Exchange, NGX, offering 4.1 billion ordinary shares at N525 each.
Aliko Dangote, President and CEO of Dangote Group, strikes the gavel to mark the opening of Dangote Refinery’s Initial Public Offering at the Nigerian Exchange Group, NGX, in Marina, Lagos.
The offer, which opened on September 14, 2026, will close on October 13, 2026. According to the IPO terms, the minimum subscription is 10 shares at N5,250. Investors can also subscribe digitally via mobile phones, BVN and bank accounts through platforms including Moniepoint, MTN MoMo, Airtel and Piggyvest. If fully subscribed, the offer is expected to raise N2.15 trillion, or about $1.6 billion, making it Africa’s biggest-ever share sale. In the event of over-subscription, the company may issue up to 30 percent more shares, subject to regulatory approval.
Aliko Dangote, President of Dangote Industries Limited, DIL, formally opened the offer by sounding the gong at the NGX in Lagos. The IPO is open to retail, institutional, and eligible African investors. Dangote described it as the “People’s IPO”, saying it was designed to give ordinary Nigerians and Africans an opportunity to own a stake in the refinery.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We want every human being living on the continent to be part of this action,” he said. “What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery.”
The Dangote Refinery, located in Ibeju-Lekki, Lagos on 2,635 hectares, was built over 10 years at a cost of about $20 billion. It is currently the world’s largest single-train refinery with a capacity of 700,000 barrels per day, and also houses a 900,000 tonnes per annum polypropylene plant and a dedicated 435-megawatt power plant. The refinery, which started operations in 2024 and attained full capacity this year, has reshaped Nigeria’s fuel market. It supplies most of Nigeria’s domestically produced gasoline and has become the largest supplier of jet fuel into Europe, benefiting from supply disruptions linked to the Iran war.
The Securities and Exchange Commission, SEC, approved the offer earlier in September and registered the refinery’s existing 120.13 billion ordinary shares, implying a valuation of around $47 billion. At N525 per share, the IPO implies a valuation of about 63 trillion naira, or $47.59 billion.
A cross-section of stakeholders and guests at the opening of Dangote Refinery’s Initial Public Offering at the Nigerian Exchange Group, NGX, in Marina, Lagos.
According to the company, proceeds will fund the planned doubling of capacity to 1.4 million barrels per day by 2028, with the expansion already engineered, procured and funded. The group has also secured a $400 million underwriting commitment for the IPO and raised $2.5 billion through a private placement in July that was 3.7 times oversubscribed.
Dangote projected the group’s market capitalisation could reach at least $350 billion by 2030 based on a 10-times price-to-earnings ratio. He also disclosed plans for the refinery to list on exchanges outside Africa within the next three to four years. “From this exchange, then we can go to any other place,” he said, noting that the Nigerian capital market would serve as the base for future listings.
Market operators expect the listing to push total NGX capitalisation above N200 trillion from the current N159.56 trillion. Shares are expected to list on the NGX in November after the offer closes.
