Dangote Petroleum Refinery has signed documents for its planned initial public offering in Lagos, advancing a share sale expected to become the largest ever undertaken in Africa.
The company also disclosed plans to invest approximately $14.3 billion in an expansion that would double the refinery’s processing capacity to 1.4 million barrels per day.
The proposed offering could raise about ₦2.15 trillion, equivalent to approximately $1.63 billion, if fully subscribed. Dangote plans to offer 4.1 billion ordinary shares at ₦525 per share, according to details released in connection with the transaction.
Nigeria’s Securities and Exchange Commission approved the offering earlier in September. The public subscription is expected to open on September 14 and close on October 13, with a listing on the Nigerian Exchange anticipated in November.
Aliko Dangote, president and chief executive of Dangote Group, attended the formal signing ceremony in Lagos on September 7.
The refinery currently processes approximately 700,000 barrels of crude oil per day. The expansion programme would increase that figure to 1.4 million barrels per day, potentially placing the facility among the world’s largest oil refineries by processing capacity.
The company intends to use funds connected to the offering and other financing arrangements to support its expansion plans and develop additional fuel-distribution infrastructure across Africa.
The Lekki-based refinery began production in 2024 after years of construction. Its operations have reduced Nigeria’s dependence on imported refined petroleum products while establishing the country as an exporter of diesel, aviation fuel and petrol.
The public offering would allow institutional and retail investors to acquire shares in the refinery business for the first time. Reports indicate that the offer is designed to attract investors across Africa, with a minimum subscription intended to make participation accessible to smaller retail investors.
The planned listing comes as the refinery benefits from increased regional demand for refined petroleum products and disruptions affecting international energy markets.
If completed as proposed, the transaction would represent an important moment for Nigeria’s capital market and could broaden international investor interest in African industrial assets.
However, the ultimate amount raised will depend on investor participation, regulatory processes and prevailing market conditions during the subscription period.
