Nigerian billionaire Aliko Dangote announced that the initial public offering (IPO) for his refinery business, Africa's largest, will open within the next 10 to 12 days, targeting approximately September 15. The refinery aims to raise $5 billion through this IPO, which could become the largest on the continent. This capital injection will support the company's expansion plans, which include doubling its current capacity from 700,000 barrels per day to 1.4 million barrels per day. The refinery achieved its 650,000 barrels per day nameplate capacity in February and has since tested output at 700,000 barrels per day.
Prior to the IPO, the refinery successfully completed a private share placement in July 2026, raising $2.5 billion. This placement, offered at $0.35 per share with a minimum subscription of 1 million shares ($350,000), attracted about $4 billion in investor interest, valuing the facility at approximately $40 billion. Additionally, the refinery secured a $1 billion underwriting program, including a $600 million funded tranche and $400 million in commitments, to support the upcoming IPO process.
In related news, Dangote also plans a secondary listing for Dangote Cement, another key company in his industrial empire, on the London Stock Exchange, likely in October. This move is expected to broaden its access to international investors. Furthermore, Dangote announced plans to launch a new refinery project on Kenya's coast on September 30, in partnership with East African governments. This $17 billion project, expected to take up to three years to complete, will supply refined petroleum products to Kenya and neighboring countries, with Kenya being offered a 10% stake valued at $500 million.
