Dangote Petroleum Refinery is preparing to launch its highly anticipated initial public offering, with shares expected to be priced at N525 each as the company seeks to raise about $1.5 billion from investors.
The planned offering could become Africa’s largest IPO and marks a major step in Dangote Group’s efforts to bring more investors into the refinery business. According to reports, the order book for the offer is expected to open on September 14, 2026. Two people familiar with the transaction told Reuters that Dangote Group plans to offer about 4.1 billion shares at N525 per share. However, the exact percentage of the refinery that these shares represent has not been disclosed.
The proposed share sale also includes a 15 per cent greenshoe option. This provision gives the company and its advisers the opportunity to sell additional shares if demand from investors is higher than expected. The additional shares could help Dangote Refinery increase the amount raised from the IPO if the offer attracts strong investor interest.
The latest development follows an earlier statement by Aliko Dangote, President of Dangote Group, that the refinery’s IPO would open within 10 to 12 days. Dangote made the disclosure while speaking to investors and analysts during a visit to Botswana. The refinery has declined to comment on the reported pricing and other details of the proposed offer.
The IPO is expected to provide fresh funding for the expansion of the refinery’s production capacity. Dangote Group plans to increase the facility’s capacity from its current 650,000 barrels per day to 1.4 million barrels per day. Dangote explained the company’s ambition during his recent engagement with investors.
“Our dream is that we want to make sure we double the capacity of the refinery… which will take us to 1.4 million barrels per day,” Dangote said.
The expansion would significantly increase the amount of crude the facility can process and strengthen its ability to supply refined petroleum products to Nigeria and other international markets. The planned IPO comes after Dangote Refinery recently completed a $1 billion underwriting programme. The programme was designed to provide additional support for the planned capital market transaction and strengthen the refinery’s preparations for its listing.
The refinery, located in Lagos, currently has a nameplate capacity of 650,000 barrels per day and has become an important part of Nigeria’s efforts to increase domestic refining and reduce dependence on imported petroleum products. If the reported terms are confirmed, investors will be watching the offering closely because of its size and the strategic importance of the refinery to Nigeria’s energy industry.
The successful completion of the IPO could also deepen activity in Nigeria’s capital market by attracting both domestic and international investors. For Dangote Group, the transaction provides an opportunity to raise substantial funding while giving investors a chance to own a stake in one of Africa’s most significant energy assets.
The September 14 opening will therefore be an important date for investors as the market waits to see how much demand the refinery’s shares generate and whether the company ultimately achieves its $1.5 billion fundraising target.
