LAGOS, Nigeria — Africa’s largest oil refinery is preparing to make history on the continent’s capital markets as Dangote Petroleum Refinery moves ahead with an initial public offering (IPO) that could become Africa’s biggest-ever share sale.
The refinery is seeking to raise approximately $1.6 billion (₦2.15 trillion) by offering 4.1 billion ordinary shares at ₦525 each. Nigeria’s Securities and Exchange Commission has approved the offer, paving the way for the subscription period to begin on September 14, 2026.
The offering values the refinery at close to $50 billion, making it potentially one of the most valuable companies on the Nigerian Exchange. The shares are expected to begin trading later this year.
Opening ownership to ordinary investors
One of the most significant features of the IPO is its focus on retail investors. Dangote’s group says it wants ordinary Africans—not just large institutional investors—to have an opportunity to own part of the refinery.
Investors will be able to subscribe for as few as 10 shares, requiring an initial investment of ₦5,250 at the offer price. The company is reportedly targeting as many as 10 million retail investors.
For Aliko Dangote, Africa’s richest man, the IPO represents more than a fundraising exercise. It is also an attempt to broaden ownership of one of Africa’s most important industrial projects.
Funding a massive expansion
The money raised will help finance Dangote Refinery’s ambitious expansion plans.
The refinery currently has a processing capacity of about 650,000 barrels per day, although it has demonstrated output of around 700,000 barrels per day. Dangote plans to increase capacity to approximately 1.4 million barrels per day by 2029 as part of a broader $14.3 billion expansion programme.
The expansion could significantly increase the refinery’s ability to supply petroleum products across Africa while reducing the continent’s dependence on imported refined fuel.
The refinery, which cost around $20 billion to construct, began operations in 2024 and has rapidly become a major player in Nigeria’s fuel market.
Why the IPO matters for Africa
The listing could mark an important moment for African capital markets. A successful IPO would demonstrate that large African industrial companies can raise billions of dollars from domestic and continental investors.
It could also increase the size of the Nigerian Exchange substantially and give millions of retail investors direct exposure to one of Africa’s biggest energy businesses.
The subscription window is scheduled to run from September 14 to October 13, 2026, with the listing expected later in the year.
If successful, the Dangote Refinery IPO will not simply be a major Nigerian stock-market event. It could become a landmark moment for African ownership, industrialisation and capital markets.
Related: Dangote Lands $4 Billion Refinancing Deal to Strengthen Conglomerate
