Dangote Petroleum Refinery of Nigeria is about to go public with an IPO opening on September 14, 2026, and this is going to be the largest stock offering in Africa’s history.
The refinery plans to issue 4.1 billion ordinary shares priced at ₦525 per share and thus raise about ₦2.15 trillion ($1.63 billion), if it finds all subscribers. The IPO is going to be open until October 13, and trading of shares is planned to begin in late November.
This IPO is giving the opportunity for Nigerian retail investors as well as African investors to get part of one of the biggest industrial projects in Africa, and the refinery is obtaining capital for its expansion plans.
When is the Dangote Refinery IPO Opening?
Bookbuilding will take place from September 14 to October 13, 2026.
As indicated by the indicative timetable which was signed on Monday, the shares could start trading on the Nigerian stock market in late November.
This issue has been given the go-ahead by the Securities and Exchange Commission of Nigeria.
The company has also made provision for the Greenshoe option, where more shares will be issued should there be a higher demand for the offered shares.
How Much Are Dangote Refinery Shares?
The share price has been set at ₦525 per share for 4.1 billion ordinary shares.
With this valuation, the company will get around ₦2.15 trillion, which equates to $1.63 billion, should the entire issue be subscribed.
Valuation of the company based on its share capital of 120.13 billion shares stands at around $47 billion according to Reuters’ estimation.
This has put the company in the limelight among investors because it ranks as one of the most valuable industrial companies in Africa.
What Is the Reason Behind Dangote Refinery’s IPO?
The decision to hold the IPO is related to Dangote’s expansion of the refinery.
Currently, the refinery has a nameplate capacity of 650,000 barrels per day; however, it was able to process 700,000 barrels per day during tests. The expansion project seeks to raise capacity to 1.4 million barrels per day in 2029.
The expansion project will cost the company about $14.3 billion, meaning that the IPO is only one step towards raising funds.
The refinery was built at a cost of $20 billion and started operating in 2024.
Dangote Refinery Turns Profitable
It should be noted that the decision on the IPO was made when the refinery showed good financial results.
As is stated in the prospectus, Dangote was able to generate after-tax profit of $1.82 billion in H1 2026 against a loss of $476 million recorded in the full year of 2025.
Moreover, the refinery was able to capitalize on the high demand for alternative fuel supplies caused by disruptions to supplies due to conflicts in the Middle East and Ukraine.
It has increased exports of jet fuel and other goods to Africa and Europe, cementing itself as a major player in terms of supplies in the region.
Who Can Invest in Dangote Refinery’s IPO?
This offering has been targeted largely at retail investors.
Dangote Refinery CEO David Bird has indicated that it would be a widespread offering that enables Nigerians, Nigerians in the diaspora, and Africans in general to invest in the refinery.
Aliko Dangote has in the past referred to the offering as an African listing rather than a Nigerian one.
The exact subscription amount and application details would be found in the offer documentation prior to application by the investor.
Why is the IPO Important to Africa?
There are several reasons why the Dangote Refinery IPO goes well beyond just the firm itself.
For starters, the refinery has already made a difference in the Nigerian petroleum sector through the creation of a big domestic refining facility that can provide substantial amounts of gasoline, diesel, and jet fuel.
Secondly, the success of the IPO will allow retail investors on the African continent to have their first direct experience with investing in one of the largest companies on the continent.
Dangote has openly stated that he aims to make the Dangote Refinery one of the largest firms in Africa and has even talked about how he hopes to attract millions of shareholders one day.
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