Dangote Petroleum Refinery and Petrochemicals Limited has officially kicked off Africa’s largest-ever initial public offering, unveiling plans to sell 4.1 billion shares at ₦525 each in a bid to raise about ₦2.15 trillion ($1.6 billion) and attract up to 10 million investors.
The landmark IPO, approved by Nigeria’s Securities and Exchange Commission (SEC) last week, was formally launched at a signing ceremony in Lagos on Monday led by Aliko Dangote, President and founder of Dangote Group. The offer, which opens for subscription on September 14 and closes on October 13, is being marketed as an “IPO for the people,” with a minimum subscription of just 10 shares, equivalent to ₦5,250, designed to enable broad participation from retail investors alongside institutions.
“This IPO is not only about raising capital; it is about democratizing wealth creation, broadening participation in Africa’s industrial future and giving millions of investors the opportunity to own a stake in a world-class enterprise,” Dangote said at the event, which drew bank CEOs, industry leaders and financial advisers. “It’s a legacy we are laying down; nobody will live forever.”
The public offer values the refinery at close to $50 billion and is expected to fund the expansion of its production capacity from 700,000 barrels per day to 1.4 million barrels per day. Located on a 6,180-acre site in the Lekki Free Zone, the facility is the world’s largest single-train refinery and has rapidly become a key player in global energy markets since commencing production in January 2024. In June and July, it surpassed the United States to become Europe’s largest external supplier of jet fuel.
Chuka Eseka, Group Managing Director of Vetiva Advisory Services Limited, the Lead Issuing House and transaction coordinator, said the launch follows SEC’s approval of the offer documents, clearing the way for the pan-African share sale. Analysts say the listing, expected later this year on the Nigerian Exchange, could increase the bourse’s total market capitalization by more than one-third and set a new benchmark for large-scale public offerings on the continent.
Investor appetite has already been demonstrated. In July, the refinery raised $2.5 billion through a private placement targeted at institutional investors and high-net-worth individuals, with demand exceeding the offer size by 270%. Market observers believe substantial unmet demand from that exercise could flow into the public offering.
The IPO is also expected to benefit from improved investor sentiment following Nigeria’s reinstatement to Frontier Market status by FTSE Russell, a move anticipated to enhance foreign portfolio inflows and strengthen international participation in the capital market.
Market experts say the success of the Dangote Refinery IPO could encourage other major Nigerian enterprises to access long-term capital through public listings, deepening liquidity and broadening ownership across Africa’s industrial landscape.