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Nigerian billionaire Aliko Dangote has launched what is expected to become Africa’s largest initial public offering (IPO), seeking to raise $1.6 billion to fund the expansion of his Lagos-based oil refinery.
The Dangote Petroleum Refinery, which began operations in 2024, currently has a production capacity of 700,000 barrels per day. The facility has already started exporting refined petroleum products, with its output exceeding domestic demand in Nigeria, Africa’s most populous country.
The IPO is designed to raise about 2.15 trillion naira, equivalent to $1.6 billion, to finance plans to double the refinery’s capacity to 1.4 million barrels per day by 2028. If completed, the expansion would make the facility the world’s largest oil refinery, surpassing India’s Jamnagar refinery.
Describing the launch as an “historic day”, Dangote said the offering goes beyond putting the company on the stock market.
“This is not simply about listing a company. It is about listing a new possibility for Nigeria, and for Africa,” he said in a statement.
The offering is structured to allow broad participation, with investors able to purchase as few as 10 shares at 525 naira each. Dangote has encouraged ordinary Nigerians, including lower-income investors, to participate and potentially own a stake in the refinery as a long-term asset.
The offer is scheduled to close on October 13. Dangote has described it as the biggest IPO in African history, with the listing expected to deepen public participation in one of Nigeria’s largest industrial projects.
Beyond Nigeria, Dangote is also planning another major refinery project in East Africa. The billionaire intends to build a 700,000-barrel-per-day refinery in Lamu, on Kenya’s coast.
The proposed Kenyan facility would further expand Dangote’s footprint in Africa’s petroleum sector, while the Lagos refinery’s planned expansion is expected to strengthen Nigeria’s position as a major supplier of refined petroleum products to regional and international markets.
