The Dangote Petroleum Refinery has officially opened its much-anticipated Initial Public Offering, IPO, giving Nigerians and other investors the opportunity to own a stake in Africa’s largest refinery.
The offer opened on Monday, September 14, 2026, with 4.1 billion ordinary shares priced at N525 each. If fully subscribed, the IPO is expected to raise about N2.15 trillion.
The offer will remain open until October 13, with the shares expected to be listed on the Nigerian Exchange later in November.
Retail investors are a major focus of the offering. Investors can subscribe for as few as 10 shares, costing N5,250, with applications and payments available through digital investment platforms.
The IPO is regarded as the largest public share offering in Africa to date and values the refinery at approximately N63 trillion, or about $47.6 billion, based on the offer price.
Dangote Refinery, located in Lekki, Lagos, currently processes about 700,000 barrels of crude oil per day. The company plans to increase its capacity to 1.4 million barrels per day over the next three years, with funds from the share sale expected to support the expansion.
The refinery has also recorded a significant improvement in its financial performance. According to information contained in the IPO prospectus, the company made a net profit of $1.82 billion in the first half of 2026 on revenue exceeding $13 billion, compared with a loss of $476 million for the whole of 2025.
The public offering comes after Dangote raised $2.5 billion through a private placement in July, attracting institutional investors including the Africa Finance Corporation.
Aliko Dangote has promoted the IPO as an opportunity for ordinary Nigerians to participate in ownership of the refinery, while the company hopes the wider shareholder base will strengthen its ability to raise additional capital in the future.
The offer has generated strong interest among prospective investors, although some market participants have raised questions about the refinery’s valuation and whether its planned expansion will be delivered as projected.
If successful, the IPO will mark a major development in Nigeria’s capital market and give retail investors direct exposure to one of the country’s most strategically important energy assets.
