Nigeria’s Dangote Refinery is set to open its highly anticipated initial public offering (IPO) within days, as billionaire industrialist Aliko Dangote moves to raise fresh capital to expand Africa’s largest oil refinery.
Dangote said the IPO would open within the next 10 to 12 days while speaking to investors and analysts in Botswana, bringing the long-awaited listing closer to reality. The refinery’s public offering is expected to attract significant interest from Nigerian and international investors.
The announcement comes as Dangote pursues an ambitious plan to more than double the refinery’s processing capacity from its current 650,000 barrels per day to 1.4 million barrels per day.
Dangote Refinery IPO targets major capital raise
The planned IPO was initially expected to seek about $5 billion, which would have made it potentially the largest public offering in Africa.
However, Nigeria’s Securities and Exchange Commission (SEC) has since approved the offering of 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offer could raise approximately ₦2.15 trillion, or about $1.6 billion.
The IPO is therefore shaping up as one of the most significant transactions in Nigeria’s capital market and could become the largest IPO in Africa by value.
Reports indicate that the order book is expected to open around September 14, 2026, although investors should rely on official offer documents for the final terms and timetable.
Dangote plans to double refinery capacity
Dangote said the proceeds from the capital-raising exercise will support plans to significantly increase the refinery’s capacity.
The refinery currently has a designed capacity of 650,000 barrels per day. It reached full nameplate capacity in February and has subsequently tested production at around 700,000 barrels per day.
The proposed expansion would take the facility to approximately 1.4 million barrels per day, strengthening its position as a major supplier of refined petroleum products in Africa and international markets.
The $20 billion refinery, located near Lagos, has become a strategically important part of Nigeria’s efforts to reduce dependence on imported petroleum products.
Strong investor interest in Dangote Refinery
The planned IPO follows a successful private placement that raised $2.5 billion and was reportedly 3.7 times oversubscribed.
The strong demand for the private placement has heightened expectations around the public offering, particularly among investors looking for exposure to Nigeria’s energy and industrial sectors.
The refinery has also secured underwriting commitments ahead of the IPO, further strengthening preparations for the transaction.
Dangote expands refining ambitions beyond Nigeria
Dangote’s plans extend beyond the Lagos refinery.
The billionaire has also announced plans to develop a new refinery on Kenya’s coast in partnership with East African governments. The project is expected to take up to three years to complete and would supply refined petroleum products to Kenya and neighbouring countries.
The Kenya project would represent the Dangote Group’s largest refining investment outside Nigeria and is expected to help reduce East Africa’s reliance on imported fuel.
Dangote has also indicated that Dangote Cement could pursue a secondary listing on the London Stock Exchange in October, potentially giving the group greater access to international investors and capital.
A major test for Nigeria’s capital market
The Dangote Refinery IPO is expected to attract considerable attention because of the refinery’s size, strategic importance and influence on Nigeria’s petroleum market.
For investors, the offering provides an opportunity to gain direct exposure to one of Africa’s most ambitious industrial projects. For Dangote, the listing could provide the capital needed to fund the refinery’s next phase of growth.
If the planned expansion succeeds, the facility could become an even more important player in Africa’s energy market, with its output extending well beyond Nigeria’s domestic fuel requirements.
