Dangote Petroleum Refinery is targeting about $1 billion through a private placement, valuing the company at roughly $39.1 billion, according to sources and a placement document. The refinery is offering 3 billion ordinary shares at $0.35 per share, with investor demand already exceeding $2 billion.
Investors must subscribe to a minimum of 1 million shares ($350,000), with additional purchases in multiples of 500,000 shares. The shares will carry a 365-day lock-up period. Proceeds will fund expansion and general corporate purposes as the refinery scales operations and strengthens its market position.
The 650,000 barrels-per-day facility, which started production in 2024, has increased output in diesel, aviation fuel, naphtha, and petrol, significantly cutting Nigeria’s dependence on imported refined products. The fundraising could lead to a future public listing, which owner Aliko Dangote has indicated could happen later this year. Market participants expect further investments in logistics, storage, and distribution infrastructure, plus possible expansion into petrochemicals. Dangote officials did not respond to a request for comment.
Standard Bank Group has reaffirmed its support for Dangote Industries Limited, pledging backing for the refinery’s planned listing and readiness to finance future expansion across Africa. The commitment came during a visit by Standard Bank CEO Sim Tshabalala and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.
Tshabalala called the refinery a transformational industrial project with major implications for Nigeria and Africa. “The Dangote Group is a large and important global player and a significant force on the African continent,” he said. “Standard Bank is Africa’s largest financial institution, and we have partnered with Dangote on various initiatives. We are here to lend support, see this magnificent refinery, and discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions.”
He disclosed that Standard Bank will play a leading role in the refinery’s planned IPO and future growth initiatives. “As Dangote lists, there is an IPO coming up and we are a leading player in that process,” he said. “We stand ready to provide financial advisory services and balance sheet support as the Group expands in Nigeria and across Africa.”
Tshabalala described the refinery as “a wonder of the world,” noting its impact on foreign exchange earnings, balance-of-payments performance, and energy security. “It is massive, productive, and transformative. It is already making a significant contribution to Nigeria’s economy through its impact on foreign reserves, the balance of payments, and the lives of ordinary Nigerians,” he said.
Devakumar Edwin, Group Vice President, Oil and Gas at Dangote Industries Limited, said the visit marked a milestone in a partnership that began during construction. “The bank visited us during construction and understood the scale of what we were building. Today, the refinery is fully operational, and they can see what their support has helped to create. It is like nurturing a tree and eventually seeing it bear fruit.” He added both organisations are exploring ways to deepen collaboration as Dangote expands across Africa.
David Bird, Managing Director and CEO of the Dangote Petroleum Refinery, said the visit highlighted the importance of long-term partnerships in delivering large-scale industrial projects. “Standard Bank has been one of our strongest supporters throughout the refinery’s history and the broader Dangote Group. This visit demonstrated what that support has enabled. Seeing is believing, and it allows our partners to appreciate the scale of what has been achieved.”
The visit coincided with a major operational milestone: the refinery has exceeded its original design capacity, completing test runs at 700,000 barrels per day, above its nameplate capacity of 650,000 barrels per day. Bird said this achievement reflects engineering flexibility built into the design and testifies to the technical capability of the team and the strength of the systems built.