Nigerian billionaire Aliko Dangote announced that the initial public offering (IPO) for his refinery business, Africa’s largest, is scheduled to open within the next 10 to 12 days, specifically around September 15. The firm seeks to raise $5 billion through this IPO, potentially making it the largest public offering in Africa's history. This funding is critical for the refinery's ambitious expansion plans.
The refinery plans to more than double its current production capacity from 700,000 barrels per day (bpd) to 1.4 million bpd, representing approximately 1.4% of global capacity. This expansion will solidify its position in Nigeria's petroleum industry and enhance its role in supplying refined products to domestic and international markets. The move is also expected to attract further investment into Nigeria's energy sector, particularly as nations seek reliable partners following global energy market shifts.
Ahead of the IPO, the refinery successfully completed a $2.5 billion private share placement in July 2026, which valued the facility at approximately $40 billion. Investor interest for this placement surpassed expectations, drawing about $4 billion. Additionally, a $1 billion underwriting program, including a $600 million funded tranche and $400 million in commitments, was secured through Marob Strategies and Lilium Capital to support the upcoming IPO.
In related developments, Dangote Group also announced plans to launch construction of a new $17 billion refinery and petrochemicals facility in Kenya's Lamu coast in October 2026. This new refinery, expected to refine 700,000 bpd, will supply East African nations. The Kenyan government has been offered a 10% stake valued at $500 million, while other East African countries could acquire a combined 30% equity stake. Furthermore, Dangote Cement, another entity within the Dangote Group, is expected to pursue a secondary listing on the London Stock Exchange in October, aiming to attract international investors and offshore capital.
