Dangote Petroleum Refinery has opened Africa’s largest initial public offering, giving retail investors an opportunity to acquire shares in one of the continent’s most important industrial businesses.
The public offer opened at 8:00 a.m. Lagos time on Monday, September 14, 2026. The company is offering 4.1 billion ordinary shares at ₦525 each and is seeking to raise approximately ₦2.15 trillion, equivalent to about $1.6 billion.
If demand exceeds the base offer, the refinery can exercise a greenshoe option to issue additional shares. That could increase the total proceeds to approximately $2.1 billion.
The subscription period is scheduled to close on October 13. Investors can apply for a minimum of 10 shares, representing an initial investment of ₦5,250, through authorised stockbrokers and participating digital-investment platforms.
The offer is intended to attract ordinary Nigerians as well as institutional investors. Aliko Dangote, President and Chief Executive Officer of Dangote Group, said the company wanted to broaden ownership of the refinery rather than reserve the shares for a limited class of investors.
The public offer follows a private placement completed in July. Dangote said demand for that placement was 3.7 times greater than the original offer size.
Based on the IPO price and the refinery’s registered shares, the transaction values Dangote Petroleum Refinery at approximately $47 billion, according to Reuters calculations.
The refinery was constructed near Lagos at an estimated cost of $20 billion and began operations in 2024. It has since altered Nigeria’s fuel market by supplying most of the petrol produced domestically and reducing the country’s dependence on imported refined products.
The facility currently processes approximately 700,000 barrels of crude oil per day. The company plans to double that capacity to 1.4 million barrels per day by 2029, which would place it among the world’s largest refining operations.
Money raised through the IPO is expected to support that expansion and associated infrastructure. The company has also discussed developing tank farms across Africa and expanding its wider refining and petrochemical operations.
Dangote Refinery produces petrol, diesel, aviation fuel and petrochemical products. It supplies the Nigerian market while exporting products, including jet fuel, to customers elsewhere in Africa and Europe.
International supply disruptions linked to conflicts affecting major oil-producing and shipping regions have increased demand for the refinery’s products. The company reported a net profit of approximately $1.82 billion for the first half of 2026 on revenue exceeding $13 billion, reversing a loss recorded during the comparable previous period.
The Nigerian Exchange marked the opening of the offer with an opening-gong ceremony and a “Facts Behind the Offer” presentation at its headquarters in Lagos.
The IPO represents a major test of Nigeria’s ability to attract both domestic and international capital for large industrial projects. A successful offer could deepen the Nigerian equity market, widen retail participation and establish a new valuation benchmark for African energy companies.
It also gives individual investors exposure to an asset that has previously remained under private control. However, participation in the offer carries the normal risks associated with equity investment, including changes in fuel prices, operating costs, government policy, exchange rates and the refinery’s ability to deliver its expansion programme.
The company’s shares are expected to begin trading on the Nigerian Exchange in late November. That timetable remains indicative, and the refinery should not be described as a publicly listed company until its shares are formally admitted to trading.
