Dangote Refinery IPO set for September 2026 as Otedola pledges $100 million investment
By Aboki Forex —
The initial public offering of the Dangote Refinery will launch in September 2026. Aliko Dangote, President and CEO of Dangote Group, confirmed this after leading a tour of the refinery complex in Lagos on Wednesday.
Femi Otedola, chairman of First HoldCo, joined senior executives on the tour. He has already pledged to invest $100 million through a private placement before the IPO opens.
Dangote said investor interest has surged to nearly $2 billion even before the official offer. “We are trying to make sure that by September, we’ll be out there in the market to sell the IPO,” he told journalists.
He added that allocations will be split between private placement and the public offer. The goal is to get a larger percentage of Nigerians to invest. “Our target really is to get the larger part of the society to buy,” Dangote said.
The 650,000-barrels-per-day refinery is valued at up to $50 billion. Dangote plans to list up to 10% equity. He compared the opportunity to buying Amazon or Apple shares early, saying “everybody has become a millionaire. And that's what we want to bring into Africa.”
Otedola explained his investment. “I had asked him... he will allot me share of a value of 100 million dollars in private placement.” He added that he sold his shares at Geregu to invest the profit in the refinery IPO.
How to prepare for the Dangote Refinery IPO
The IPO has not started yet. Investors have time to get ready. Follow these steps:
Register on the NGX platform. Create an investor profile on the Nigeria Exchange Group portal.
Open a brokerage account. Use SEC-registered platforms like Bamboo, Afrinvest, or Meristem.
Get a CSCS number. Your broker will provide your Central Securities Clearing System number.
Link your CSCS to your NGX account. Attach the number to your investor profile.
Subscribe when the IPO opens. Look for “Available Offers” on the NGX platform or your brokerage app.
Meanwhile, Clarivo Oil and Gas Ltd has announced plans to build a world-class refinery in Calabar. The company expects it to come online within five years, subject to approvals. The refinery will produce petrol, diesel, and aviation fuel to international standards.