Nigerian billionaire Aliko Dangote on Monday launched what is now Africa’s largest initial public offering (IPO), putting a minority stake in his $47.6 billion Dangote Petroleum Refinery & Petrochemicals up for sale to investors.
The IPO, which opened on September 14, seeks to raise about ₦2.15 trillion ($1.6 billion) through the sale of 4.1 billion shares at ₦525 each. The offer will remain open until October 13, 2026.
The refinery, located near Lagos, was built at a cost of approximately $20 billion and has a processing capacity of 700,000 barrels of crude oil per day, making it Africa’s largest refinery. It began operations in 2024 and has become a major supplier of refined petroleum products in Nigeria and international markets.
Retail investors invited
One of the most significant features of the IPO is its focus on ordinary investors. The minimum subscription is 10 shares, costing ₦5,250, allowing smaller investors to participate in the offering through approved digital platforms and financial institutions.
Dangote is reportedly targeting as many as 10 million shareholders, potentially making the IPO one of the most widely distributed public offerings in Africa.
What will the money be used for?
The proceeds will help finance the refinery’s expansion and related infrastructure. Dangote plans to increase refining capacity from 700,000 barrels per day to about 1.4 million barrels per day over the coming years.
The company has also reported strong recent financial performance. The refinery recorded approximately $1.82 billion in net profit in the first half of 2026, according to Reuters.
The company is valued at roughly ₦63 trillion ($47.6 billion) at the IPO price, although investors will ultimately determine its market value once the shares begin trading on the Nigerian Exchange (NGX), expected in November.
A major African capital-markets milestone
The listing represents a major development for African capital markets. It allows ordinary investors to gain exposure to one of the continent’s largest industrial projects while giving Dangote access to additional capital for expansion.
For Kenyan and other African investors, however, participation will depend on the rules governing foreign investment in Nigeria and access to approved Nigerian brokerage platforms.
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