Nigerian billionaire Aliko Dangote has launched an initial public offering (IPO) for his $20 billion Dangote Petroleum Refinery, seeking to raise up to about $2.1 billion to finance expansion and future investments.
The IPO, launched on September 14, 2026, is being marketed by Dangote as a “people’s IPO” and represents the largest share sale in Africa to date. The offer is intended to give individual and institutional investors an opportunity to acquire a minority stake in the refinery.
The refinery is offering 4.1 billion ordinary shares at 525 naira each, which would raise about 2.15 trillion naira ($1.6 billion) if fully subscribed. Reuters reported that the broader fundraising target could reach about $2.1 billion.
Dangote has said the offering is designed to broaden Nigerian participation in the ownership of the refinery. The minimum subscription is 10 shares, making the entry requirement 5,250 naira.
The refinery is currently valued at around $47 billion, according to Reuters, although other estimates have put the valuation closer to $50 billion.
Dangote’s wealth
Dangote remains Africa’s richest person, although estimates of his wealth vary depending on the index and the valuation of his private holdings.
Reuters reported on September 14 that his net worth was estimated at between $31 billion and $35 billion before the latest refinery share sale. Bloomberg estimates cited earlier in 2026 put his wealth at $36.5 billion.
The IPO and the valuation attached to the refinery could substantially change the value of Dangote’s holdings. The Guardian reported that his wealth could rise from about $35 billion to almost $60 billion if the offering and associated valuation effects materialise. That is an estimate rather than a confirmed post-IPO net-worth figure.
Refinery expansion
Dangote plans to use capital raised from investors to support a major expansion of the refinery.
The company plans to increase refining capacity from its current 700,000 barrels per day to about 1.4 million barrels per day, with the expansion expected by the end of the decade. Reuters reported that the wider expansion programme is estimated at about $14.3 billion.
The refinery reported a $1.82 billion net profit in the first half of 2026, compared with a $476 million loss in the same period of 2025, on revenue exceeding $13 billion, according to Reuters.
The company has also emerged as a significant exporter of refined petroleum products. Reuters reported that the refinery supplied about 80,000 barrels per day of jet fuel to Europe in the second quarter of 2026 amid disruptions to global fuel supplies.
New investments
Beyond the refinery expansion, Dangote has outlined plans for additional industrial investments across Africa.
Reuters reported that Dangote intends to use proceeds from the IPO and other financing to expand the refinery and pursue a new refinery project in Kenya.
Other reports have linked his expansion plans to a broader industrial strategy covering energy, manufacturing and infrastructure. The Guardian reported that Dangote has spoken of building a $100 billion industrial empire, including a proposed $17 billion energy complex in Lamu, Kenya.
Dangote has also pledged $2 billion for a solar power plant and fuel-storage terminal in The Gambia, according to reports published earlier this year.
The Dangote Group’s businesses span cement, sugar, fertiliser and oil and gas, with operations across several African countries.
The refinery IPO therefore comes as Dangote moves from building Africa’s largest single-train refinery to seeking wider public investment in the asset while preparing a new phase of expansion across the continent.
The offering is expected to be closely watched by Nigeria’s capital market, where analysts have said the listing could significantly increase the size of the Nigerian Exchange and attract a new generation of retail investors.
