Dangote Secures New Net Worth Rises Ahead of IPO Launch on September 14
- Aliko Dangote confirmed the refinery's IPO would open within 10 to 12 days while speaking to investors in Botswana
- The offering covers 4.1 billion ordinary shares priced at N525 each, with a 15 percent greenshoe option if demand exceeds the base offer
- Dangote's net worth climbed to between $31.5 billion and $34.5 billion in 2026, depending on which billionaire tracker is used
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
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.
Africa's richest man, Aliko Dangote, is moving ahead with the long-awaited Initial Public Offering of his petroleum refinery, with the order book set to open on September 14, according to a source familiar with the transaction.
Dangote confirmed the timeline on Thursday while addressing investors and analysts in Botswana, saying the IPO would launch within 10 to 12 days.
Source: Getty Images
He said:
"So our dream is 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,"
The offering involves 4.1 billion ordinary shares priced at N525 per share.
If fully subscribed, it would generate roughly N2.15 trillion, or about $1.5 billion, making it one of the largest equity offerings in Nigeria's capital market history.
The Securities and Exchange Commission has approved the offering and registered the refinery's 120.13 billion existing ordinary shares, clearing the path for the listing to proceed.
Proceeds Earmarked for Expansion
The refinery currently operates at about 700,000 barrels per day, and funds raised through the IPO will go towards doubling that capacity to 1.4 million barrels per day.
A 15% over-allotment, or greenshoe, option will also be available if investor demand exceeds the base offering, BusinessDay reports.
Dangote described the listing as a continental opportunity rather than a purely domestic one.
"This is not a Nigerian listing. It's an African listing."
Valuation Questions Hang Over the Offer
A private placement conducted in July put the refinery's valuation at around $40 billion, though some analysts have questioned whether that figure holds up against comparable international refiners.
Turkey's Tupras, which operates a similar combined refining capacity across four sites, carries a market value of about $12 billion, while New York-listed HF Sinclair, with roughly 678,000 barrels per day of capacity, is valued at around $16 billion.
Dangote has set an ambition for the refinery to exceed $12 billion in earnings before interest, tax, depreciation, and amortisation.
Source: Getty Images
Dangote's Wealth Rises Ahead of Listing
Dangote's personal fortune has grown sharply in 2026. Forbes' real-time tracker put his net worth at $31.5 billion as of September 4, up from $25.6 billion at the end of 2025, while the Bloomberg Billionaires Index placed the figure higher at $34.5 billion on Friday.
The gap reflects different approaches to valuing his privately held assets.
On Friday, Dangote Cement was unchanged at N1,034 per share, giving it a market capitalisation of N17.4 trillion, while Dangote Sugar Refinery fell 1.39% to N72.
The broader Nigerian Exchange gained 1.14% over the week, with total market capitalisation rising to N159.6 trillion from N157.7 trillion on Monday.
5 steps to buy refinery shares as Dangote confirms IPO date
Earlier, Legit.ng reported that investors are positioning ahead of the Initial Public Offering (IPO) of the Dangote Group’s refinery, with President and Chief Executive, Aliko Dangote, confirming that the listing is expected to launch in September 2026.
Dangote disclosed this during an interaction with journalists after leading chairman Femi Otedola and senior executives of First HoldCo and its subsidiaries on a tour of the refinery complex in Lagos on Wednesday, May 20.
According to him, even before the offer is open, investor interest in the refinery IPO has skyrocketed
Source: Legit.ng
