Dangote Petroleum Refinery is launching a historic initial public offering (IPO) today, September 14, involving 4.1 billion shares priced at 525 naira each, with a target of raising 2.15 trillion naira, equivalent to approximately $1.6 billion.
Nigeria is entering a new chapter in its financial history. Dangote Petroleum Refinery and Petrochemicals is launching what is being presented as the largest IPO ever conducted in Africa.
The offering comprises 4.1 billion ordinary shares, priced at 525 naira per share. If fully subscribed, the transaction will raise approximately 2.15 trillion naira, or around $1.6 billion. An over-allotment option could increase the proceeds to approximately $2.1 billion if demand is strong.
The subscription period runs from September 14 to October 13, 2026, with the shares expected to be listed on the Nigerian Exchange Group (NGX) in November. The transaction is also designed to broaden ownership of the refinery among Nigerian retail investors.
At 525 naira per share, the refinery is valued at approximately 63 trillion naira, or around $47.6 billion. The IPO therefore represents a limited portion of the company’s capital while giving investors access to one of Africa’s largest privately owned industrial assets.
Built at an estimated cost of around $20 billion over more than a decade, the facility, located near Lagos, began operations in 2024. It has since become a central component of Nigeria’s strategy to reduce its dependence on imported refined petroleum products.
The refinery reached an operational capacity of 650,000 barrels per day in February 2026 and tested production of up to 700,000 barrels per day in June. Its output includes gasoline, diesel, aviation fuel and various petrochemical products.
Dangote’s ambitions extend considerably further. The group plans to invest approximately $14.3 billion to increase the refinery’s capacity to 1.4 million barrels per day by 2029, potentially placing it among the largest refining facilities in the world.
The refinery’s financial performance has also strengthened the case for the IPO. During the first half of 2026, it reported net profit of $1.82 billion, compared with a $476 million loss during the same period a year earlier. Revenue exceeded $13 billion over the six-month period.
The sharp improvement came amid disruptions in international fuel supplies, which supported refining margins and demand for certain products, including aviation fuel exported to several African and European markets.
The refinery already supplies more than 80% of Nigeria’s gasoline demand, according to information released as part of the offering. Its products are also exported to several African and international markets.
For Dangote, the IPO is therefore more than a financial transaction. It is intended to help fund the refinery’s next expansion phase while strengthening the group’s ability to raise capital for future large-scale industrial projects.
The IPO follows a $2.5 billion private fundraising completed in July 2026, which attracted institutional investors. The company has also secured a $400 million underwriting commitment to support the offering.
Beyond Dangote, the transaction represents a major test for Nigeria’s capital market. Its success will provide an important indication of investor appetite for large African industrial assets and could further strengthen the role of the NGX in financing capital-intensive projects.
More broadly, the operation illustrates the evolution of Africa’s industrial model: a project initially built around import substitution, local oil processing and export development is now opening its capital directly to investors through the financial markets.
