Nigerian industrialist Aliko Dangote, Africa’s richest man, on Monday opened the order books for the continent’s biggest share sale, offering ordinary Nigerians and other African investors a chance to own a stake in his sprawling oil refinery in a deal that could raise up to $2.1 billion.
The initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE involves 4.1 billion new ordinary shares priced at 525 naira (about 40 US cents) each. If fully subscribed it is expected to raise approximately 2.15 trillion naira ($1.6 billion). A greenshoe option could push proceeds higher, toward $2.1 billion. The shares represent roughly 3 to 3.3 percent of the enlarged company and imply a valuation of about $47–49 billion for the refinery.
Dangote has framed the sale explicitly as a “people’s IPO,” designed to democratise ownership of what has become one of Nigeria’s most strategic industrial assets. The minimum subscription is just 10 shares, costing about 5,250 naira or roughly $4 — an unusually low threshold intended to draw in retail investors, including market traders, drivers and first-time participants. Applications are being handled through approved banks, fintech platforms and digital channels. The offer runs until 13 October, with trading on the Nigerian Exchange expected to begin in late November. The company is targeting as many as 10 million African shareholders.
“This is about giving ordinary Nigerians the opportunity to participate in the success of the plant,” Dangote said, emphasising the goal of democratising wealth creation. Proceeds will help fund a planned $14.3 billion expansion that aims to double the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day by around 2029, potentially making it the world’s largest single-train facility.
The timing follows a highly successful private placement in July that raised $2.5 billion for a roughly 6 percent stake at a lower valuation of about $40 billion. That deal was heavily oversubscribed. Retail investors in the public offer are paying a higher price than those institutional buyers, who accepted lock-up conditions.
The 650,000–700,000 barrels-per-day complex in the Lekki Free Zone near Lagos is already one of the largest refineries in the world and the biggest single-train plant. Construction, first announced in 2013 with an early cost estimate around $19 billion, ultimately ran to about $20 billion and took more than a decade. Work began in earnest around 2017 after massive land reclamation that moved tens of millions of cubic metres of sand. Delays included the Covid-19 pandemic. Commercial production of fuels began in 2024; the plant reached full capacity more recently.
For decades Nigeria, Africa’s largest oil producer, imported the bulk of its refined petroleum products because of chronic underperformance at state-owned refineries. The Dangote facility has reversed that dynamic, supplying the majority of the country’s gasoline and other fuels while also exporting products, including jet fuel, across Africa and into European markets. Geopolitical disruptions, including those linked to conflict involving Iran, have boosted demand and margins for its output. The company reported an after-tax profit of $1.82 billion in the first half of 2026, a sharp turnaround from a loss the previous year.
Dangote, 69, built his fortune primarily in cement, sugar and related commodities before expanding across more than a dozen African countries. Dangote Cement remains Africa’s largest producer. Forbes real-time rankings put his net worth above $50 billion following the private placement’s revaluation of the refinery stake; Bloomberg has projected further gains once the IPO is completed. He retains overwhelming control of the refinery even after the share sales.
Early demand appeared strong, with reports of millions of dollars committed within the first hour of the offer. Experts have welcomed the broadening of ownership but urged caution. Prospective buyers, especially first-timers, should invest only money they can afford to leave untouched for several years, as share prices can fall. Investors have also been warned to use only official, listed channels to avoid scams.
The listing will mark a milestone for Nigerian and African capital markets. If successful, the refinery is expected to become one of the largest companies by market capitalisation on the Nigerian Exchange. Dangote has already signalled interest in a possible secondary listing in the United States within a few years.
For many ordinary Nigerians the appeal is straightforward. One early investor told reporters he had withdrawn savings equivalent to a few dozen dollars to buy shares, hoping the small stake would grow over time. The refinery’s transformation of Nigeria’s energy landscape — from chronic fuel importer to major domestic supplier and emerging exporter — has made ownership feel both patriotic and potentially profitable. Whether the “people’s IPO” delivers broad-based gains will depend on the plant’s continued operational success, execution of the ambitious expansion, and the usual risks of equity markets.
