Aliko Dangote considers additional Dangote Refinery share sale as US$14.3bn expansion advances
Nigerian billionaire Aliko Dangote has indicated that he could sell additional shares in Dangote Petroleum Refinery and Petrochemicals as the company seeks to raise capital for a major expansion of the Lagos-based facility.
The comments came as the refinery launched its initial public offering (IPO), which is seeking to raise about US$1.6 billion through the sale of 4.1 billion shares.
The IPO opened on September 14 and is scheduled to close on October 13, with the refinery expected to begin trading on the Nigerian Exchange in November.
Expansion could double refining capacity
Dangote is targeting a substantial expansion of the refinery as part of a broader plan to increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029.
The expansion is expected to require significant additional capital, creating the possibility of further equity sales as the company develops the facility.
Dangote has previously said the refinery could eventually become the foundation of a broader energy and industrial expansion, with additional investments in petrochemicals and related infrastructure.
Dangote retains controlling stake
The current offering represents a minority stake in the refinery, allowing public and institutional investors to participate while Dangote retains majority ownership.
The IPO has been structured to include retail investors, with shares offered at ₦525 each and a minimum subscription of 10 shares.
The offering is being positioned as a way of broadening Nigerian ownership of one of the country’s largest industrial assets.
The refinery is currently valued at around US$49 billion based on the IPO pricing, according to recent reports.
Potential international listing
Dangote has also indicated that the refinery could eventually seek a listing on a US stock exchange, potentially within the next three to four years.
Such a move would give the business access to a wider international investor base as it expands its refining and petrochemical operations.
The refinery has already become an increasingly important supplier of refined petroleum products to domestic and international markets since beginning operations in 2024.
Its planned expansion is expected to further increase Nigeria’s refining capacity and its ability to export petroleum products.
