Dangote Petroleum Refinery is set to take a major step toward becoming a publicly traded company as the formal signing ceremony for its proposed Initial Public Offering (IPO) holds in Lagos today, September 7, 2026.
The proposed IPO, which has already received approval from Nigeria’s Securities and Exchange Commission, could raise between $1.55 billion and $1.8 billion, making it potentially the largest share sale ever recorded in Africa.
The refinery, located in Lekki, Lagos, has a processing capacity of about 650,000 barrels of crude oil per day and represents one of the largest private-sector investments in Nigeria. The company is looking to sell about 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion, based on the approved structure.
The funds raised are expected to support the refinery’s expansion plans. Dangote Group intends to eventually increase the refinery’s capacity from 650,000 barrels per day to approximately 1.4 million barrels per day, more than doubling its current capacity.
The development could also have wider implications for Nigeria’s capital market. The IPO is expected to attract both local and international investors and could significantly increase participation in one of Nigeria’s most prominent energy businesses.
The refinery has already become a major player in Nigeria’s petroleum market, supplying locally refined petrol and other petroleum products. Recent industry data indicates that its locally produced petrol remains cheaper than imported petrol based on current import-parity calculations, despite recent increases in its gantry price.
The IPO order book is expected to open on September 14, while the transaction includes a greenshoe option that could allow the company to increase the number of shares offered by up to 15% if investor demand is strong.
If successful, the listing would represent a landmark moment not only for Dangote Industries but also for Nigeria’s capital market and Africa’s energy sector.
