Nigeria’s Dangote Petroleum Refinery is heading to the Nigerian stock market in what is expected to become Africa’s biggest-ever share offering.
The refinery plans to raise about ₦2.15 trillion ($1.63 billion) through the sale of 4.1 billion shares at ₦525 each. The offer is expected to open on September 14 and run until October 13, 2026.
The move will allow investors to own a piece of one of Africa’s biggest industrial projects.
But Dangote is not stopping there.
The company has announced plans to spend about $14.3 billion to expand the refinery’s capacity from around 700,000 barrels per day to 1.4 million barrels per day by 2029.
The refinery has also recorded a major financial turnaround. It reportedly made about $1.82 billion in profit in the first half of 2026, compared with a $476 million loss during the same period of the previous year.
Why this matters
The IPO could mark a major shift in how Nigerians participate in large industrial investments.
Instead of Dangote Refinery being seen simply as a company owned by one of Africa’s richest men, the IPO could bring thousands of Nigerian and international investors into the ownership structure.
MONAFRIKA TAKE:
This is bigger than Dangote. It is a test of whether African companies can raise huge amounts of capital from African investors to build African industries.
Leave a Reply