Nigerian billionaire Aliko Dangote on Monday, September 14, 2026, launched an initial public offering (IPO) for his oil refinery, in what is expected to become Africa’s largest share sale.
The offer comprises 4.1 billion ordinary shares at 525 naira each and will close on October 13, 2026. If fully subscribed, the IPO is expected to raise 2.15 trillion naira ($1.6 billion), potentially increasing to about $2.1 billion if it is oversubscribed and a greenshoe option is exercised.
The Dangote refinery, built at a cost of about $20 billion on the outskirts of Lagos, began operations in 2024 and now supplies most of Nigeria’s domestically produced petrol. It currently processes about 700,000 barrels of crude oil per day, with plans to double capacity to 1.4 million barrels per day by 2029.
The share offer values the refinery at approximately $47 billion. Retail investors are also being encouraged to participate, with Nigerians able to purchase as few as 10 shares through fintech and other digital investment platforms.
Dangote said the company wants broad public participation in the refinery’s ownership. The IPO follows a private placement in July 2026, which Dangote said was 3.7 times oversubscribed.