The long-awaited initial public offering (IPO) of the Dangote Petroleum Refinery is expected to open this month, with the order book scheduled to open on September 14, 2026, according to people familiar with the transaction.
The development follows an earlier announcement by Aliko Dangote that the refinery’s IPO would open within 10 to 12 days as the company moves to raise fresh capital for a major expansion of the facility.
Sources told Reuters that the proposed offer could involve about 4.1 billion shares priced at ₦525 each, potentially raising approximately $1.5 billion. The offering is also expected to include a 15 percent greenshoe option, which would allow additional shares to be sold if demand exceeds the initial offer.
The final terms of the offer remain subject to the applicable regulatory and transaction processes.
Dangote plans to double refinery capacity
The funds raised from the IPO are expected to support Dangote’s plans to expand the refinery’s processing capacity from its current 650,000 barrels per day to approximately 1.4 million barrels per day.
Dangote said the refinery had already reached its nameplate capacity earlier this year and had tested production at about 700,000 barrels per day.
The proposed expansion would more than double the facility’s current capacity and strengthen its ability to supply refined petroleum products to Nigeria and other international markets.
Potentially Africa’s biggest IPO
The proposed offering is attracting significant attention because of the size and strategic importance of the refinery.
Dangote had previously indicated that the IPO could target as much as $5 billion, which would make it one of the largest public offerings ever seen on the African continent. However, the latest Reuters report indicates that the current planned share sale could raise about $1.5 billion, suggesting that the final structure and size of the offering remain important details for investors to watch.
The refinery, located in Lagos, has become a major player in Nigeria’s petroleum industry since commencing operations, producing products including petrol, diesel and aviation fuel for domestic and export markets.
Investors await official offer details
The planned IPO would give investors an opportunity to participate in the ownership of one of Africa’s largest industrial projects.
However, prospective investors will need to rely on the officially approved offer documents for details such as the final offer price, allocation, eligibility and application process.
The Securities and Exchange Commission had earlier warned investors against unauthorised pre-IPO solicitations and advised the public to rely on official regulatory announcements when considering any investment in the refinery.
With the order book expected to open on September 14, attention is now shifting to the formal release of the offer documents and the response from Nigerian and international investors.
