LAGOS, Sept 7 – Dangote Petroleum Refinery and Petrochemicals FZE on Monday launched a N2.15 trillion ($1.63 billion) initial public offering, opening ownership of Africa’s largest refinery to Nigerian, diaspora and other African investors.
The offering comprises 4.1 billion ordinary shares at N525 each, with subscriptions starting from 10 shares, equivalent to N5,250. The IPO is scheduled to run from September 14 to October 13, with the shares potentially beginning trading on Nigeria’s main stock exchange in late November, according to the indicative timetable presented at the signing ceremony.
The transaction represents the refinery’s first public share offering since its inauguration in 2023 and is being positioned as a broad-based ownership initiative, with retail investors expected to form a significant part of the investor base.
Aliko Dangote, chief executive of the company, said the offering was designed to expand public participation while raising capital for the refinery’s next phase of development.
“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.
$14.3 Billion Expansion
A major component of the company’s growth strategy is a $14.3 billion expansion programme that would double the refinery’s processing capacity from its current 700,000 barrels per day to 1.4 million barrels per day.
The expansion is targeted for completion by 2029, according to the IPO prospectus. The additional capacity is expected to increase the refinery’s ability to supply petroleum products to both Nigerian and international markets.
Dangote said the expansion would strengthen production and enable the company to serve growing demand across domestic and international markets.
The IPO also contains a greenshoe option that allows the company to sell up to 30% more shares than the initial 4.1 billion offered if investor demand exceeds the base allocation.
David Bird, chief executive of Dangote Petroleum Refinery, described the transaction as an effort to broaden participation in the value created by one of Africa’s largest industrial assets.
“The intent is very much the people’s IPO, drive wide participation, enable Nigerians and the Nigerian diaspora, and Africans more broadly, the opportunity to participate in this wealth creation that comes from such an iconic industrial asset, like the Dangote refinery,” Bird told Reuters.
Refinery Swings to Profit
The IPO prospectus also provides a significant update on the refinery’s financial performance.
Dangote Refinery recorded $1.82 billion in after-tax profit during the first half of 2026, compared with a $476 million loss for the whole of 2025.
The turnaround comes as the refinery continues to scale operations at its Lagos facility and expand its role in Nigeria’s petroleum supply chain.
The proposed share sale would therefore give investors exposure not only to the refinery’s planned capacity expansion but also to an asset that has moved from substantial losses in its first full year of operation to strong profitability in the first half of 2026.
At N2.15 trillion, the transaction would represent one of the largest equity offerings in Africa and significantly deepen public participation in one of Nigeria’s most strategically important industrial assets.
For Nigeria’s capital market, the listing could also broaden the domestic investor base by bringing a major privately controlled energy infrastructure company to public markets. For Dangote Refinery, the transaction provides a mechanism to mobilise capital for expansion while distributing ownership more widely across Nigeria and the wider African investment community.
