Aliko Dangote has signed the registration documents for the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, setting the stage for what is expected to become Africa’s largest-ever public share offering.
At a signing ceremony in Lagos on Monday, 7 September 2026, Dangote said the offer was designed not only to raise money for expansion but also to give ordinary Nigerians and Africans an opportunity to own part of the refinery. Reuters reported that the IPO is targeting about ₦2.15 trillion ($1.63 billion) through the sale of 4.1 billion shares at ₦525 each.
The reported offer period is 14 September to 13 October 2026, although the refinery’s official IPO website currently lists the dates as still to be confirmed.
Dangote described the share sale as an “IPO for the people”, saying the aim was to allow people from different backgrounds to own a stake in the refinery.
The minimum subscription is 10 shares, costing ₦5,250, according to the company’s official IPO information. Dangote said the company wants to attract as many as 10 million retail investors, potentially making it one of the broadest ownership drives ever seen in Nigeria’s capital market.
The offer values the refinery at close to $50 billion. Proceeds are expected to support plans to increase its refining capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029, according to Reuters.
The IPO comes as the refinery reports a major financial turnaround.
According to figures reported by Renaissance Capital Africa, Dangote Petroleum Refinery recorded $1.82 billion in net income during the first half of 2026, compared with a $476 million loss in the same period of 2025. Revenue stood at $13.91 billion, while EBITDA reached $2.60 billion.
The refinery has also expanded beyond Nigeria. In March 2026, it announced the sale of 12 cargoes containing 456,000 tonnes of refined petroleum products to international traders for delivery to Côte d’Ivoire, Cameroon, Tanzania, Ghana and Togo.
Investor interest had already emerged before the public offer. In July 2026, the refinery raised $2.5 billion through a private placement targeting institutional investors and high-net-worth individuals. Premium Times reported that the transaction was 270% oversubscribed, indicating demand well above the amount offered.
The IPO could also significantly reshape Nigeria’s capital market. Reports indicate that the refinery is expected to list on the Nigerian Exchange later this year, while a possible cross-border listing in Johannesburg is also being considered.
For Dangote, however, the bigger objective is ownership.
“We want every human being living on the continent to be part of this action,” he said at the signing ceremony, stressing that drivers, cooks, managers and other ordinary workers should have the opportunity to become shareholders.
