Dangote Refinery Launches Africa’s Biggest IPO as Shares Go on Sale

LAGOS — Shares in Dangote Petroleum Refinery and Petrochemicals went on sale Monday in what is expected to become Africa’s largest initial public offering, as billionaire Aliko Dangote seeks to broaden ownership of his flagship energy business across the continent.

The IPO aims to raise approximately $1.6 billion and attract as many as 10 million shareholders from across Africa, potentially creating one of the continent’s largest retail investor bases.

Investors can purchase as few as 10 shares, priced at about $0.38 each, in an offering Dangote has promoted as an opportunity for ordinary Africans to own a stake in one of the continent’s most prominent industrial projects.

“We are creating big corporations where we don't want to be the only people enjoying. We want to spread this enjoyment to the rest of Africa,” Dangote has said.

The billionaire has also predicted that the company's share price could increase nineteenfold, although he has not specified a timeframe for such a rise.

Major Expansion Planned

The refinery, located outside Lagos, began operations in 2024 and is among the world's largest single-train oil refineries.

It has become a cornerstone of Dangote's business empire and a major development in Nigeria's efforts to increase domestic refining capacity and reduce reliance on imported petroleum products.

A portion of the funds raised through the IPO is expected to finance an expansion of the facility, with the project targeted to become the world's largest refinery by 2028.

Opening Ownership to African Investors

The public offering marks a significant step in Dangote's stated ambition to broaden ownership of major African businesses beyond a small group of wealthy investors.

By setting a relatively low minimum investment, the company is seeking to make participation accessible to a much wider pool of retail investors.

The planned IPO could also deepen participation in African capital markets by bringing millions of new investors into equity ownership.

A Landmark Offering for Africa

If the targeted $1.6 billion is raised, the Dangote refinery IPO would represent a landmark transaction for Africa's capital markets and one of the continent's most significant attempts to mobilise retail investment at scale.

The offering comes as the refinery continues to expand production and strengthen its role in Nigeria's energy sector.

For Dangote, the IPO represents more than a fundraising exercise. It is also an attempt to turn one of Africa's biggest privately controlled industrial assets into a widely owned public company while securing additional capital for its next phase of growth.