Dangote Refinery IPO opens in days as net worth climbs to $34.5bn
By Aboki Forex —
Aliko Dangote has confirmed that the Dangote Petroleum Refinery's Initial Public Offering will open within 10 to 12 days. The order book is set to open on September 14, according to a source familiar with the transaction.
Dangote spoke on Thursday while addressing investors and analysts in Botswana. He said the IPO would launch within the next 10 to 12 days.
Offer details
The offering covers 4.1 billion ordinary shares priced at N525 each. If fully subscribed, it would generate roughly N2.15 trillion, or about $1.5 billion, making it one of the largest equity offerings in Nigeria's capital market history.
The Securities and Exchange Commission has approved the offering and registered the refinery's 120.13 billion existing ordinary shares. This clears the path for the listing to proceed.
The refinery currently operates at about 700,000 barrels per day. Funds raised through the IPO will go towards doubling that capacity to 1.4 million barrels per day.
A 15% over-allotment, or greenshoe, option will be available if investor demand exceeds the base offering.
“So our dream is 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,” Dangote said.
African listing and valuation
Dangote described the listing as a continental opportunity rather than a purely domestic one.
“This is not a Nigerian listing. It's an African listing,” he said.
A private placement conducted in July put the refinery's valuation at around $40 billion. Some analysts have questioned whether that figure holds up against comparable international refiners.
Turkey's Tupras, which operates a similar combined refining capacity across four sites, carries a market value of about $12 billion. New York-listed HF Sinclair, with roughly 678,000 barrels per day of capacity, is valued at around $16 billion.
Dangote has set an ambition for the refinery to exceed $12 billion in earnings before interest, tax, depreciation, and amortisation.
Wealth and market moves
Dangote's personal fortune has grown sharply in 2026. Forbes' real-time tracker put his net worth at $31.5 billion as of September 4, up from $25.6 billion at the end of 2025. The Bloomberg Billionaires Index placed the figure higher at $34.5 billion on Friday.
The gap reflects different approaches to valuing his privately held assets.
On Friday, Dangote Cement was unchanged at N1,034 per share, giving it a market capitalisation of N17.4 trillion. Dangote Sugar Refinery fell 1.39% to N72. The broader Nigerian Exchange gained 1.14% over the week, with total market capitalisation rising to N159.6 trillion from N157.7 trillion on Monday.
The IPO is set to be one of the largest equity offerings in Nigeria's capital market history. Its success will be closely watched by investors and regulators.