Nigerian billionaire Dangote launches oil refinery IPO, Africa's biggest share sale
The month-long share sale targets retail investors and will fund a refinery expansion that could double capacity to 1.4 million barrels a day.
- On Monday, Nigerian industrialist Aliko Dangote opened his refinery to public ownership, launching a $1.6 billion initial public offering targeting retail investors across Africa.
- Proceeds from the share sale will finance Dangote's expansion plan to increase refinery capacity from about 700,000 barrels per day to 1.4 million by 2029.
- Retail investors can purchase shares for 5,250 naira with a minimum of 10 shares through 32 approved channels, including payment platform Flutterwave, until October 13, 2026.
- Dangote plans to add ten million African retail investors to his shareholder base while pursuing cross-border listings in Egypt, Kenya, Ghana, and Rwanda.
- Joachim McEbong, a senior West Africa analyst at Control Risks, questioned the 'people-driven' narrative, noting Dangote retains 87% ownership of the refinery.
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71 Articles
Africa’s biggest oil refinery opens to public ownership, sparking excitement among retail investors – WTOP News
LAGOS, Nigeria (AP) — Nigerian industrialist Aliko Dangote opened his refinery to public ownership Monday with plans to raise $1.6 billion from retail investors across the continent in Africa’s biggest initial public offering, or IPO. Dangote, Africa’s richest man, dubbed the IPO one “for the people” and said he wants everyone to be able to...
IPO 'for the people' is out of reach for many in Nigeria
Dangote seeks $1.6 billion from investors to finance a $14.3 billion expansion and thus double the oil refinery's capacity. The offer could give millions of Nigerians a stake in the company. But who can truly afford it?
Dangote Refinery IPO goes live on NGX
Dangote Refinery’s Initial Public Offering, IPO officially kicked off on the Nigerian Exchange Limited, NGX on September 14, 2026. The President of Dangote Group, Aliko Dangote, sounded the NGX gong as the 700,000-barrel-per-day refinery became the first refinery ever offered on the Nigerian stock market in the Exchange’s 66-year history. In his remarks, Dangote said the […] Dangote Refinery IPO goes live on NGX
Nigerian oil refinery Dangote launches IPO
The Lagos-based refinery, which began operations in 2024, has a capacity of 700,000 barrels per day, exceeding domestic demand in Nigeria, Africa's most populous country. It began exporting its fuel abroad a few months ago. The Dangote Petroleum Refinery aims to raise funds to double its capacity to 1.4 million barrels a day by 2028, which would make it the world's largest refinery, surpassing Jamnagar in India. Describing it as an "historic day…
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