LAGOS — Dangote Petroleum Refinery is moving ahead with what is expected to become Africa’s biggest-ever IPO, offering Nigerians and other investors an opportunity to buy shares in the massive Lagos-based refinery.
The company plans to offer 4.1 billion shares at ₦525 each, potentially raising about ₦2.15 trillion ($1.6 billion). The offer is expected to open on September 14 and close on October 13.
The refinery, which currently has a processing capacity of about 650,000 barrels per day, plans a major expansion that could raise capacity to 1.4 million barrels per day by 2029.
Dangote plans to use the new capital to support expansion and other projects. The company has also said it wants ordinary Africans to participate in the business’s ownership, with the minimum subscription set at 10 shares.
The development comes after the refinery reported a significant turnaround in its financial performance, recording about $1.82 billion profit in the first half of 2026.
MONAFRIKA’S TAKE
This is bigger than Dangote.
For years, Nigerians have complained that some of the country’s biggest businesses are controlled by a small number of people. Now, millions of ordinary Nigerians could have a chance to own a small part of one of the country’s most important industrial projects.
But Nigerians should not rush into the IPO simply because the Dangote name is attached to it.
An investment is still an investment. People need to understand the business, the risks, and the possible returns before putting their money into it.
If the IPO succeeds, however, it could mark an important moment for Nigeria’s capital market.
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