Dangote Unveils Historic ₦2.15 Trillion IPO, Eyes Top Spot as Africa’s Most Valuable Enterprise
LAGOS, NIGERIA — In what is shaping up to be the largest share sale in African capital market history, Dangote Petroleum Refinery & Petrochemicals FZE has officially launched its ₦2.15 trillion ($1.63 billion) Initial Public Offering (IPO) on the Nigerian Exchange (NGX).
The President and Chief Executive Officer of the Dangote Group, Aliko Dangote, formally commenced the offer in Lagos by sounding the closing gong at the NGX trading floor. Marking the first time a petroleum refinery has listed for public subscription in the Exchange’s 66-year history, Dangote declared that the industrial giant could become Africa’s largest company by the end of 2026 as full-scale production and export revenues accelerate.
Key Details of the Offer
- Total IPO Value: ₦2.15 Trillion ($1.63 Billion)
- Offer Price: ₦525 per share
- Volume Offered: 4.1 billion ordinary shares (representing approximately 3.41% free float)
- Minimum Subscription: 10 shares (₦5,250 minimum entry threshold)
- Offer Window: Opens September 14, 2026 – Closes October 13, 2026
- Implied Company Equity Value: ~₦65.2 Trillion ($47 Billion to $50 Billion)
“An IPO for the People”
Dubbed by Aliko Dangote as an “IPO for the people,” the offer is structured to maximize retail inclusion across Nigeria and the wider African continent. The low minimum entry point of ₦5,250 is designed to attract an unprecedented 10 million retail investors—a figure that would far eclipse the NGX’s historical retail participation record.
“No segregation. Cooks, servants, managers, and ordinary citizens across the continent can own a piece of this refinery. This is about prosperity, jobs, and industrialization for Africa.” — Aliko Dangote, President/CEO, Dangote Group
Under the terms cleared by the Securities and Exchange Commission (SEC), retail investors participating through digital trading apps, bank channels, and stockbrokers are also eligible for bonus share incentives for holding through specified retention periods.
- Growth Engine and Capacity Expansion
The proceeds of the offer will directly fund an ambitious expansion program at the 2,635-hectare Lekki complex. The facility—currently the world’s largest single-train refinery operating at a capacity of 700,000 barrels per day (bpd)—is slated to double its refining output to 1.4 million bpd by 2028.
| Metric | Current Operational Scale | Post Expansion Target (2028) |
| Refining Capacity | 700,000 bpd | 1,400,000 bpd |
| Polypropylene Output | 900,000 tonnes/annum | Expanded petrochemical derivatives |
| Captive Power Plant | 435 MW | Scaled for expansion |
| Storage Infrastructure | 4.74 Billion Litres (177 Tanks) | Integrated expansion |
Having achieved a turnaround with a reported $1.82 billion net profit in the first half of 2026, the refinery has transitioned into a major regional energy supplier and a key exporter of jet fuel and refined products to Europe and global markets.
Capital Market Impact & Pan-African Listings
The listing is expected to transform the local capital market landscape:
- Bourse Expansion: Upon listing on the NGX Main Board, the refinery alone will increase total NGX market capitalization by more than 35% to 40%.
- Cross-Border Reach: The group has signaled plans for secondary cross-border listings on the Johannesburg Stock Exchange (JSE), as well as exchanges in Kenya, Ghana, Egypt, and Rwanda, positioning it as a truly pan-African equity asset.
- Investor Appetite: Highlighting early demand, market sources reported over $7 million (₦10 billion) in orders placed within the first hour of the order book opening on September 14.
If earnings trajectory projections hold through the end of 2026, the refinery is positioned to surpass existing regional corporate titans in net market value, cementing its status as Africa’s most capitalized listed entity.
