Dangote Refinery Targets $1.6bn in Africa’s Biggest IPO

The Dangote Petroleum Refinery and Petrochemicals is set to launch what is expected to become Africa’s largest-ever initial public offering (IPO), with the company targeting about $1.63 billion (₦2.15 trillion) from investors. The public offering is scheduled to open on September 14, 2026, and close on October 13, according to the company’s IPO documents and recent reports by Reuters. The offer comprises 4.1 billion ordinary shares priced at ₦525 each. Minimum Investment Set at ₦5,250 Investors will be able to subscribe for a minimum of 10 shares, putting the minimum subscription at ₦5,250. The offering is expected to have significant retail participation, with the company seeking to give Nigerian and African investors an opportunity to own shares in one of the continent’s largest industrial projects. The shares are expected to be listed on the Main Board of the Nigerian Exchange, with trading anticipated to begin in November, subject to the completion of the offer and applicable processes. Funds to Support Major Expansion Proceeds from the IPO are expected to support the refinery’s expansion programme, which aims to increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029. The broader expansion programme is estimated at approximately $14.3 billion and is expected to include additional refining and petrochemical facilities. The refinery, located in Lagos, began operations in 2024 and has become a major player in Nigeria’s petroleum market. Refinery Reports Strong Profit Turnaround The IPO comes after a significant improvement in the refinery’s reported financial performance. According to its IPO prospectus cited by Reuters, the refinery recorded an after-tax profit of $1.82 billion in the first half of 2026, compared with a $476 million loss for the whole of 2025. The company has also benefited from disruptions in global refining and fuel markets, which have increased demand for refined petroleum products. Dangote Refinery currently has a processing capacity of about 700,000 barrels per day, making it one of the world's largest single-site refining facilities. What the IPO Means for Nigerian Investors The offering could represent a major opportunity for Nigerian retail investors to participate directly in the ownership of a strategic energy asset. However, as with any investment in the stock market, investors will need to carefully consider the company’s valuation, financial performance, market conditions, currency exposure and future expansion plans before subscribing. The IPO has already attracted significant attention because of the size of the offering and the refinery’s importance to Nigeria’s energy sector. If fully subscribed, the deal would raise approximately ₦2.15 trillion, or about $1.63 billion, making it one of the most significant capital-market transactions in Africa. Source: Reuters — September 8, 2026. Editorial note: Figures and investment details are based on the company’s IPO documents and reports cited above. Prospective investors should consult the official prospectus and licensed investment professionals before making investment decisions.