Dangote Refinery Launches Africa’s Biggest-Ever IPO

Nigeria’s Dangote Petroleum Refinery & Petrochemicals has officially opened its landmark initial public offering (IPO), creating what Reuters describes as Africa’s largest IPO to date. The public offer opened on September 14, 2026, and will run until October 13, 2026. The company is offering 4.1 billion shares at ₦525 per share, targeting approximately ₦2.15 trillion ($1.6 billion) in fresh capital. The offer could raise to about $2.1 billion if fully subscribed and additional shares under the greenshoe option are exercised. The IPO values the refinery at roughly $47–$49 billion and is designed to give retail investors broader access to ownership of one of Africa's largest industrial assets. The minimum subscription is 10 shares. What will the money be used for? Proceeds are expected to support Dangote's ambitious expansion programme, including increasing refining capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029. The expansion programme is estimated at $14.3 billion. The refinery, which began operations in 2024 after an estimated $20 billion construction cost, has become a major source of refined petroleum products for Nigeria and international markets. The company reported a $1.82 billion net profit in the first half of 2026, compared with a loss in the corresponding period a year earlier. Why this matters The listing represents a major development for Nigeria's capital market because it allows ordinary investors to acquire an ownership stake in a strategically important energy company. It could also significantly increase the size and visibility of Nigeria's stock market internationally. Trading is expected to begin on the Nigerian Exchange later in November 2026, following the completion of the offer process. Source: Reuters, Associated Press, Financial Times and Dangote Group materials.