Nigeria’s Dangote Refinery is set to open its initial public offering within days, founder Aliko Dangote has said, marking a key step toward what could become Africa’s largest-ever stock market listing.
Speaking to investors and analysts in Gaborone, Botswana, on Thursday, September 3rd, 2026, Dangote said the IPO would open in the next 10 to 12 days, signalling that the long-awaited share sale is moving from preparation to execution.
The public offering is being prepared by Dangote Petroleum Refinery & Petrochemicals FZE, which operates the 650,000-barrel-per-day complex in Lekki, Lagos State. The refinery began commercial operations in 2023 and has since become a major supplier of petrol, diesel and jet fuel to Nigeria and regional markets.
The IPO is expected to seek to raise around $5 billion, although final terms will depend on regulatory approval, pricing and investor demand. Earlier in August, the refinery secured a $1 billion underwriting programme, comprising a completed $600 million private placement and a further $400 million underwriting commitment from advisers Marob Strategies and Lilium Capital Group.
Company executives have described the listing as a “retail-first” offering designed to allow Nigerians to share in the refinery’s growth. The primary listing is planned for the Nigerian Exchange (NGX) in October 2026, with other African capital markets also expected to be involved. A foreign listing, such as in London, has been ruled out for at least three years.
For Nigeria, the Dangote Refinery IPO represents a test of the depth and sophistication of the domestic capital market. A successful listing could attract new investors, boost confidence in the NGX and set a benchmark for other large industrial offerings.
For the Dangote Group, the share sale is a way to unlock value in one of its most strategic assets while raising capital that can be used to strengthen the refinery’s operations, manage debt and potentially fund future expansion. The refinery’s earnings have been supported by strong refining margins and regional demand, although investors are also watching closely how crude supply costs and domestic fuel pricing policies evolve.
In the coming days, the company is expected to publish a prospectus detailing the offer size, pricing range, eligibility criteria and subscription process. Retail investors, institutional buyers and possibly other African exchanges will then be able to participate during the subscription window.
Regulatory approval from Nigeria’s Securities and Exchange Commission (SEC) remains a final hurdle before the offer can formally open, but Dangote’s latest comments suggest that internal preparations are advanced and the timeline is tightening.
If the IPO proceeds as planned, it will mark a milestone not only for the Dangote Group but for Africa’s capital markets, demonstrating that the continent can host and absorb one of the world’s largest industrial listings.
Africa Presents is a Pan-African digital magazine and monthly publication covering politics, business, economy, culture, tech, and the stories shaping Africa and its diaspora. Visit africapresents.com and follow @AfricaPresents for daily coverage and monthly themed magazine editions.
Leave a comment