Nigeria’s Dangote Petroleum Refinery is preparing for a landmark initial public offering (IPO) that could become Africa’s largest-ever share sale, as the company seeks fresh capital to finance a major expansion of its refining capacity.

The IPO, formally unveiled with the signing of listing documents in Lagos on Monday, September 7, 2026, is expected to raise about ₦2.15 trillion ($1.63 billion) through the sale of 4.1 billion ordinary shares at ₦525 per share. The Nigerian Securities and Exchange Commission has approved the offering.

The proceeds will support plans to expand the refinery’s processing capacity from around 700,000 barrels per day to 1.4 million barrels per day by 2029. If completed, the expansion would place the Lekki-based facility among the largest refining operations in the world.

A Major Capital-Market Milestone

The planned listing represents a significant development for Nigeria’s capital market. At the proposed offer price, the refinery has been valued at approximately $47 billion, making the transaction potentially one of the most significant industrial listings in Africa.

The company has already attracted substantial investor interest ahead of the public offering. In July, the refinery completed a $2.5 billion private placement, while a separate underwriting programme provided an additional $1 billion in support, including a $400 million commitment for the planned IPO.

Opening the Refinery to More Investors

The IPO is also designed to broaden ownership of one of Africa’s most strategically important industrial assets.

Dangote has positioned the offering as an opportunity for African investors to participate directly in the growth of the refinery. Investors will be able to subscribe for as few as 10 shares, valued at ₦5,250, according to details announced at Monday’s signing ceremony.

The order book is expected to open on September 14 and close on October 13, 2026, with the shares expected to begin trading on the Nigerian Exchange later in the year.

From Nigeria’s Fuel Market to Global Ambitions

Since beginning operations in 2024, the Dangote refinery has emerged as a major force in Nigeria’s petroleum market and has increasingly supplied refined products to international markets.

The expansion would significantly increase its ability to serve both domestic and export markets while strengthening Nigeria’s position as a refining and petroleum-products hub.

Dangote’s broader ambitions extend beyond the Lagos facility. The group has also outlined plans for further energy and industrial investments across Africa, including a proposed refinery project in Kenya.

For Nigeria, the IPO represents more than a fundraising exercise. It could deepen public participation in a major national industrial asset, inject one of Africa’s largest companies into the capital market, and provide Dangote Refinery with the financial platform to enter its next phase of expansion.

If successful, the transaction could mark a defining moment for both Nigeria’s capital markets and Africa’s rapidly evolving energy industry.