Nigerian billionaire Aliko Dangote has launched the initial public offering (IPO) of the Dangote Petroleum Refinery, marking what is expected to be Africa’s largest-ever share sale. The offer seeks to raise as much as $2.1 billion to support the refinery’s expansion plans and broaden public ownership of the facility.
Dangote described the sale as a “people’s IPO,” saying it is designed to allow ordinary Nigerians and other retail investors to benefit from the refinery’s growth. The company is offering around a 3% stake to the public, with investors able to purchase as few as 10 shares, making participation accessible to a wider segment of the population.
The Lagos-based refinery has emerged as a major player in Africa’s energy sector since beginning operations in 2024. Increased demand for refined fuel products, partly driven by supply disruptions linked to tensions in the Middle East, has boosted the refinery’s performance and profitability.
According to the company’s prospectus, the IPO values the refinery at close to $49 billion, significantly higher than the valuation used during a private fundraising round earlier this year. That private placement raised $2.5 billion from institutional investors, including development finance institutions and sovereign-backed funds.
The proceeds from the share sale are expected to help fund an ambitious expansion project aimed at doubling the refinery’s processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029. If completed as planned, the facility could become one of the largest refineries in the world.
Market analysts say the offering could attract a new generation of retail investors to Nigeria’s stock market while reinforcing the refinery’s role in reducing Africa’s dependence on imported fuel products.
The IPO is scheduled to remain open until mid-October, with trading on the Nigerian Exchange expected to begin later this year.
