Dangote Refinery is moving into a new phase of its development after Nigeria’s Securities and Exchange Commission (SEC) approved its planned initial public offering, setting the stage for what could become the largest share sale in Africa’s history.
The offer, announced by Dangote Group on Friday, is expected to raise about N2.15 trillion if fully subscribed. The refinery plans to issue 4.1 billion ordinary shares at N525 per share, giving investors across Africa an opportunity to participate in one of the continent’s most ambitious industrial ventures.
The SEC has also registered 120.13 billion existing ordinary shares in the refinery which places the company’s implied valuation at approximately $47 billion.
Subscription is expected to begin on September 14, according to a source familiar with the transaction. The timing follows comments made by Aliko Dangote, the group’s majority shareholder, on Thursday, as preparations for the public offering move closer to completion.
A formal signing ceremony with the Nigerian Exchange is expected next week, according to two company sources cited by Reuters.
For the refinery, the proceeds are expected to finance a major expansion that would take its refining capacity from 650,000 barrels per day to 1.4 million barrels per day.
Built on the outskirts of Lagos at an estimated cost of $20 billion, the facility has become a major force in Nigeria’s fuel market since commencing operations. Its refined products are also reaching markets across Africa and Europe, extending the refinery’s commercial footprint well beyond Nigeria.
The company has strengthened its finances ahead of the offering, raising $2.5 billion through a private placement and securing underwriting commitments from investors.
Dangote has set an equally ambitious target for the business. He said he wants the refinery to become one of Africa’s largest companies and generate more than $12 billion in earnings before interest, tax, depreciation and amortisation (EBITDA).
He has also made clear that the planned offering is intended to have a continental reach, rather than being confined to Nigerian investors.
“This is not a Nigerian listing. It’s an African listing, and we are going to pay everybody, including the Nigerian listing, in dollar terms,” Dangote said at a business meeting in Botswana.
The offer will therefore be open to investors across Africa, including Nigerian retail investors, potentially broadening ownership of a refinery that has historically relied largely on private capital.
Its expanding role in refined petroleum exports is already showing up in international trade data. Figures from the U.S. Energy Information Administration show that Nigeria’s seaborne refined petroleum exports to Europe rose by about 767% in the second quarter of 2026, reaching 130,000 barrels per day from 15,000 barrels per day in 2023. The increase was driven largely by higher production from Dangote Refinery.
The planned capacity expansion comes as Dangote Group also pursues refining opportunities outside Nigeria, including a proposed refinery project in Kenya.
With regulatory approval now secured, the Dangote Refinery IPO brings a landmark Nigerian industrial asset closer to public ownership. If the N2.15 trillion offer is fully subscribed, it will not only rank among the most significant transactions in Nigeria’s capital market but also set a new benchmark for equity offerings across Africa.
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