LAGOS, May 21 – Aliko Dangote, Africa’s richest man said the planned initial public offering of Dangote Refinery is expected to launch in September 2026 after drawing investor demand approaching $2 billion ahead of the transaction.
Dangote disclosed the plans on Wednesday after hosting Nigerian Billionaire Femi Otedola and senior executives from First HoldCo at the refinery complex in Lagos.
“We are trying to make sure that by September, we’ll be out there in the market to sell the IPO,” Dangote said.
He added that investor appetite for the refinery has already been strong even before the formal offering process begins.
According to Dangote, requests from investors interested in participating in the planned private placement have already approached $2 billion.
The company said the IPO is structured primarily to broaden public ownership of the refinery and allow more Nigerians and African investors to participate in the asset’s future growth.
“Our target really is to get the larger part of the society to buy,” Dangote said.
He added that the refinery’s scale, long-term earnings potential and strategic role in Africa’s energy market have continued to attract global investor attention.
Dangote said the company wants investors to participate early in the refinery’s growth journey, comparing the opportunity to early investments in global technology giants.
“What we are trying to do is actually bringing in people when it is at this low level and for them to have an upside,” he said.
Femi Otedola also disclosed plans to personally invest $100 million in the refinery’s private placement ahead of the IPO.
Otedola said proceeds from the sale of his stake in Geregu Power would partly finance the investment.
Representatives from South Africa’s Public Investment Corporation and Government Employees Pension Fund recently visited Dangote Refinery and Fertilizer Limited.
The visit is part of a broader trend in Africa where major institutions are increasingly focusing on domestic industrial initiatives that can improve regional energy and food security, increase manufacturing capacity, and develop economic resilience.
The visit corresponds with Dangote Group’s plans to launch an initial public offering (IPO) and list the refinery on multiple African stock exchanges.
African financial markets are paying close attention to the proposed IPO, which could be one of the continent’s first significant cross-border industrial listings.
The Dangote Refinery, located in the Lekki Free Zone in Lagos, currently has refining capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.
The facility began large-scale production of diesel, aviation fuel and petrol in 2024 after years of development and investment estimated at roughly $20 billion.
The refinery has become increasingly central to Nigeria’s fuel supply chain as the country seeks to reduce dependence on imported petroleum products and improve domestic refining capacity.
Reports indicate the company could be valued at as much as $50 billion, with plans to potentially sell up to 10% of the business to investors.
The IPO is expected to rank among the largest capital market transactions in African history and could significantly deepen participation in Nigeria’s equity markets.
