Aliko Dangote Confirms Refinery Share Price, IPO Date As Investors Prepare To Buy
- Africa's richest man, Aliko Dangote, announced the Dangote Refinery IPO will open on September 14 on the Nigerian Exchange Limited
- Shares in the refinery, valued at between $40bn and $50bn, will be offered at N525 each to public investors
- Dangote also revealed plans to launch a major coastal refinery project in Kenya on September 30 in partnership with East African governments
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Aliko Dangote has confirmed that the initial public offering (IPO) of Dangote Petroleum Refinery will open on September 14, with shares priced at N525 each on the Nigerian Exchange Limited (NGX), in what could rank as the largest equity market listing in African history.
The billionaire disclosed this during a television interview and in separate conversations with investors and analysts while visiting Botswana.
Source: UGC
He said:
"We dream that we want to make sure we double the capacity of the refinery ... which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,"
What Investors Need to Know
The Dangote Group plans to offer between 5% and 10% of the refinery's equity to the public, with the offering targeting roughly $5 billion in proceeds.
Independent analysts have estimated the refinery's total valuation at between $40 billion and $50 billion, though final terms will depend on regulatory approvals and market conditions.
Nigeria's Securities and Exchange Commission (SEC) has already received the IPO filing. SEC Director-General Emomotimi Agama confirmed receipt and said no significant regulatory obstacles were expected to block the offering from going ahead.
The IPO follows a heavily oversubscribed $2.5 billion private placement and is expected to draw both domestic and international investors.
Dangote has also outlined a dividend structure that would allow shareholders to buy shares in naira while collecting dividends in US dollars, funded by the refinery's foreign-exchange earnings from petroleum product and petrochemical exports.
A secondary listing on the London Stock Exchange is planned within three years of the NGX debut.
Source: Getty Images
Located in the Lekki Free Zone near Lagos, the refinery carries a nameplate capacity of 650,000 barrels per day, making it the world's largest single-train refinery.
The facility reached full nameplate capacity in February 2026 and has since recorded test production runs of about 700,000 barrels per day.
Aliko Dangote gains $1.3bn in two weeks
Earlier, Legit.ng reported that Africa’s richest man, Aliko Dangote, is getting richer at a remarkable pace, adding billions of dollars to his fortune within weeks and strengthening his position among the world’s wealthiest individuals.
According to the Bloomberg Billionaires Index, Dangote’s net worth has climbed to an estimated $35.9 billion, marking a sharp rise of over $1 billion in just a few days.
His year-to-date gain now stands at an impressive $5.92 billion, making him one of the best-performing billionaires globally in 2026.
Source: Legit.ng
