Dangote Refinery Plans October IPO Aimed at Retail Investors
Dangote Petroleum Refinery is preparing for an October 2026 initial public offering in Nigeria, with management saying the planned listing is being structured to give ordinary investors a meaningful opportunity to own part of the business.
Chief executive David Bird told Reuters that the company wants broad participation in what he described as a “people’s IPO,” as the refinery moves toward what could become the largest stock-market listing in African history.
A person familiar with the process told Reuters that an application for an offering of around $5 billion has been submitted to Nigeria’s Securities and Exchange Commission. The final size of the IPO has not yet been decided, and Bird declined to confirm either the proposed amount or the refinery’s valuation.
That distinction is important because unofficial social-media posts have already circulated specific subscription prices and offer dates. Those figures should not be treated as confirmed. Nigeria’s SEC previously ordered a halt to unauthorised promotion of a purported Dangote refinery securities offering in June, before the current application process progressed.
The refinery completed a private placement in July that valued the business at roughly $40 billion, according to Reuters. Africa Finance Corporation said a group of strategic investors participated and demand significantly exceeded the shares available.
Dangote’s refinery has also become increasingly important outside Nigeria. Bird said it became Europe’s largest supplier of jet fuel in June and July, as disruptions linked to the Iran conflict pushed buyers to seek alternative supplies.
