Africa’s richest man, Aliko Dangote, is poised to see his net worth surge by about $23 billion as he launches the continent’s largest-ever initial public offering for his oil refinery, valuing the business at nearly $50 billion.
The IPO for Dangote Petroleum Refinery and Petrochemicals opened on Monday, 14th of September, 2026, on the Nigerian Exchange, offering 4.1 billion ordinary shares at 525 naira (about $0.40) each. If fully subscribed, the sale will raise around 2.15 trillion naira ($1.6 billion), potentially climbing to about $2.1 billion if the offer is oversubscribed and a greenshoe option is exercised.
The Securities and Exchange Commission (SEC) has registered the refinery’s existing 120.13 billion shares, implying a valuation of around $47–49 billion based on the IPO price. Dangote and his family currently own the entire equity, so the listing is set to add roughly $23 billion to his paper wealth, propelling him higher on global rich lists.
Bloomberg describes the move as a “$23 billion leap” in Dangote’s fortune, underlining how the refinery’s capital market debut could transform not only his personal wealth but also the scale of Africa’s equity markets.
Proceeds from the IPO will fund a major expansion of the Lekki, Lagos refinery. Dangote has disclosed plans to invest $14.3 billion to double processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029. The company says the broader expansion programme, including working capital and debt management, could reach up to $4.3 billion in the near term.
The refinery, which began commercial operations in 2023, is already a key supplier of petrol, diesel and jet fuel to Nigeria and regional markets. Dangote says the stock market debut is about more than raising capital; it is also aimed at bringing more investors into one of Africa’s most ambitious industrial projects.
Dangote has framed the listing as a “people’s IPO”, targeting retail investors across Africa and the diaspora. The offer is structured to allow participation from as little as about $4, with the company aiming to attract up to 10 million shareholders. Financial technology platforms and mobile channels are being used to broaden access beyond traditional institutional buyers.
The subscription window runs from the 14th of September to the 13th of October, 2026. If successful, the deal will set a new benchmark for African capital markets and demonstrate that the continent can host and absorb one of the world’s largest industrial listings.
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