The Dangote Petroleum Refinery in Nigeria has opened what is set to become the largest initial public offering, which is located in Africa. This marks a pivotal moment for both the country’s capital markets and the energy sector across the continent.
Aliko Dangote, who is a billionaire, controls the entire refinery. As the owner, he has overseen the decision of the Lagos-based refinery to offer 4.1 billion shares at 525 naira each. The sales could raise about 2.15 trillion naira, or approximately $1.6 billion, while valuing the refinery at approximately $47.6 billion. The offer represents about 3.3% of the company and is being encouraged to be considered an opportunity for ordinary Nigerians to participate in one of the country’s most significant industrial projects. Investors can start off initially with a relatively small purchase, as it would still help with widening access, which goes beyond major institutions. Reuters and the Associated Press have reported that many individual investors have shown interest after the start of the IPO.
The refinery officially began operations two years ago, back in 2024. It was constructed at a cost of around $20 billion and had a processing capacity of 700,000 barrels of crude oil per day. Its scale has made Nigeria’s ambition to decrease their dependence on refined petroleum products which are imported while creating a much stronger and greater domestic refining capacity.
Dangote plans to use the funds raised through the IPO to support a major expansion. The aim of the company is to increase the capacity for processing to about 1.4 million barrels per day over the course of the next three years. A growth such as this could further strengthen Nigeria’s position as a supplier of refined petroleum products to regional and international markets.
The refinery has also become increasingly profitable. Reports have been made that it had recorded a net profit of $1.82 billion during the first half of this year (2026). Alongside that, it also brought in revenue of over $13 billion.
The public offer is scheduled to remain open until October 13, with trading expected to begin back again in November. Beyond raising capital, the listing shows a much larger shift that is taken towards public participation in one of Africa’s most ambitious industrial investments.
