Dangote Petroleum Refinery plans to price its shares at 525 naira per share in its upcoming initial public offering (IPO), aiming to raise approximately $1.5bn (£1.14bn) in what could become Africa’s largest public offering.
Sources with direct knowledge of the deal told Reuters that the Lagos-based facility plans to open its order book on 14 September, aligning with recent statements by founder Aliko Dangote that the offering would launch within days.
Under the proposed terms, the group intends to offer 4.1 billion shares, alongside a 15% “greenshoe” option that allows additional stock to be issued if investor demand exceeds the initial target.
Dangote Group declined to comment on the report.
Funding massive capacity expansion
Proceeds from the market debut are expected to fund an ambitious expansion plan designed to more than double the refinery’s processing capacity from its current 650,000 barrels per day (bpd) to 1.4 million bpd.
The planned flotation follows significant pre-IPO fundraising, including a $2.5bn private placement and a $1bn investor underwriting arrangement.
The announcement comes as official figures highlight the facility’s growing influence on both regional and global fuel markets:
- Domestic Growth: Nigeria’s oil refining sector expanded by 43.94% year-on-year in the second quarter of 2026, according to the National Bureau of Statistics, driven largely by ramped-up production at the complex.
- European Exports: Data from the US Energy Information Administration revealed that Nigerian seaborne refined fuel exports to Europe reached 130,000 bpd in Q2 2026—a sharp increase from 15,000 bpd in 2023.
The stock market listing forms part of a broader international expansion strategy for the industrial conglomerate, which includes plans for a potential dual listing of Dangote Cement in London and a proposed $17bn refinery project in Kenya.
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