Dangote Refinery IPO Draws N1.5 Trillion in Early Demand as Africa’s Largest Share Sale Opens
Investors committed about N1.5 trillion to the initial public offering (IPO) of Nigeria’s Dangote Petroleum Refinery within the first hour of the share sale opening, highlighting strong early demand for Africa’s largest refinery.
The IPO opened on September 14 on the Nigerian Exchange (NGX), with Dangote offering 4.1 billion ordinary shares at N525 each. The offer is targeting approximately N2.15 trillion (US$1.6 billion) in proceeds.
The public offer is open to retail, institutional and eligible African investors, with individuals able to subscribe for as few as 10 shares. The subscription period is scheduled to run until October 13, 2026.
The refinery, located in Lagos, currently has a processing capacity of 700,000 barrels per day and has reached full production capacity.
Dangote plans to use proceeds from the IPO to support an expansion that would double capacity to 1.4 million barrels per day by 2029.
The US$20 billion refinery began operations in 2024 and has become a major supplier of refined petroleum products to Nigeria and international markets, including Africa and Europe.
Dangote Petroleum Refinery generated more than US$13 billion in revenue and recorded a net profit of US$1.82 billion in the first half of 2026, according to its IPO prospectus.
The refinery is valued at approximately N63 trillion (about US$47.6 billion) at the IPO price, making the share sale one of the largest capital-market transactions in Africa.
The strong opening demand comes as Dangote seeks to broaden ownership of the refinery and raise capital for its next phase of expansion.
