LAGOS, Sept 14 – Nigerian billionaire Aliko Dangote has launched the initial public offering of his refinery in what is set to become Africa’s largest share sale, giving retail investors an opportunity to take ownership in one of the continent’s most significant industrial assets.
The offering opened at 8:00 a.m. local time on Monday and comprises 4.1 billion ordinary shares priced at ₦525 each. The subscription period will run through October 13.
At full subscription, the IPO is expected to raise approximately ₦2.15 trillion ($1.6 billion). The proceeds could increase to about $2.1 billion if the offer is oversubscribed and the company exercises its greenshoe option to issue additional shares.
Built at an estimated cost of $20 billion on the outskirts of Lagos, the Dangote refinery has become a major force in Nigeria’s downstream petroleum market since commencing operations in 2024. The facility currently processes up to 700,000 barrels of crude oil per day and supplies a substantial share of Nigeria’s domestically produced gasoline.
The refinery has also benefited from disruptions in global energy markets linked to the Iran war, which have contributed to stronger demand for its jet fuel in African and European markets.
Dangote has positioned the IPO as a broad-based ownership opportunity, allowing Nigerians to participate with an initial purchase of as few as 10 shares through fintech companies and other digital investment platforms.
“There is no segregation on who can own these shares. We want everyone … to own a share,” Dangote said at a signing ceremony last week.
The refinery is targeting a significant expansion of its processing capacity, with plans to increase output from 700,000 barrels per day to 1.4 million barrels per day by 2029. Based on the IPO pricing, the facility is valued at approximately $47 billion, according to Reuters calculations.
Investor interest will be closely watched as Dangote expects the public offering to attract a response comparable to the company’s private placement in July, which was 3.7 times oversubscribed.
The IPO represents a major shift in the ownership structure of an asset that has rapidly become central to Nigeria’s energy infrastructure, while also providing Dangote Refinery with additional capital to support its next phase of expansion.
