Dangote Refinery IPO to Open September 14 at N525 per Share

Aliko Dangote has confirmed the Dangote Petroleum Refinery initial public offering will open on September 14 on the Nigerian Exchange Limited, with shares offered at N525 each. The listing could rank as the largest equity market offer in African history.

IPO terms and valuation

The Dangote Group plans to sell between 5% and 10% of the refinery's equity to public investors, targeting roughly $5 billion in proceeds. Independent analysts value the refinery at between $40 billion and $50 billion, though final terms depend on regulatory approvals and market conditions.

Dangote disclosed the date during a television interview and in separate conversations with investors and analysts while visiting Botswana. He said: "We dream that we want to make sure we double the capacity of the refinery ... which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days."

SEC clears path

Nigeria's Securities and Exchange Commission has received the IPO filing. SEC Director-General Emomotimi Agama confirmed receipt and said no significant regulatory obstacles were expected to block the offering.

The IPO follows a heavily oversubscribed $2.5 billion private placement and is expected to attract domestic and international investors.

Dividend and expansion plans

Shareholders will buy shares in naira and collect dividends in US dollars, funded by the refinery's foreign exchange earnings from petroleum product and petrochemical exports. A secondary listing on the London Stock Exchange is planned within three years of the NGX debut.

Dangote also revealed plans to launch a major coastal refinery project in Kenya on September 30, in partnership with East African governments.

The refinery, located in the Lekki Free Zone near Lagos, has a nameplate capacity of 650,000 barrels per day, making it the world's largest single-train refinery. It reached full nameplate capacity in February 2026 and has since recorded test production runs of about 700,000 barrels per day.

Dangote's fortune climbs

According to the Bloomberg Billionaires Index, Dangote's net worth has climbed to an estimated $35.9 billion, marking a sharp rise of over $1 billion in a few days. His year-to-date gain stands at $5.92 billion, making him one of the best-performing billionaires globally in 2026.

For Nigerian investors, the IPO offers a direct chance to own part of a refinery that earns dollars from exports while paying dividends in dollars, a rare hedge against naira weakness.