Dangote Petroleum Refinery is set to open its long-awaited initial public offering on September 14, 2026, offering 4.1 billion shares at ₦525 each in a deal expected to raise about $1.5 billion, with a 15 percent greenshoe option that could push the total higher if demand is strong.
Nigeria’s Securities and Exchange Commission approved the offering on Friday September 4, 2026, clearing the way for what is being described as Africa’s largest public offering and the biggest listing on the Nigerian capital market this year.
The regulator also registered the company’s existing shares, allowing the process to move to a completion board meeting and signing ceremony that would be happening in the second week of September,2026.Aliko Dangote confirmed the timeline on Thursday September 3, 2026, while speaking to investors and analysts in Botswana.
“So our dream is that we want to make sure we double the capacity of the refinery … which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” he said, adding that the goal is to double the refinery’s capacity from its current capacity.
The IPO follows a successful $2.5 billion private placement completed earlier in 2026 that was heavily oversubscribed and helped establish a valuation for the business in the region of $39–40 billion.
Proceeds from the offering will primarily fund the expansion of the Lagos-based refinery from its current nameplate capacity of 650,000 barrels per day to 1.4 million barrels per day. The facility, which cost around $20 billion to build, reached full nameplate capacity in February 2026 and has since tested production levels of up to 700,000 barrels per day. It is widely regarded as the world’s largest single-train refinery.
The offering follows a $2.5 billion private placement completed earlier this year that was heavily oversubscribed. Dangote has positioned the listing as an African rather than purely Nigerian event, inviting investors from across the continent.
The company has also announced plans for a new refinery on Kenya’s coast in partnership with East African governments. This deal will give investors direct equity exposure to Africa’s largest single-train refinery at a moment when the plant has already reshaped Nigeria’s fuel market and begun exporting products into the region and Europe.
If successful, the IPO is expected to rank among the most significant events on Nigeria’s capital market this year and could set a new benchmark for large-scale industrial listings across Africa. Formal offer documents and final terms are expected to be released in the coming days ahead of the September 14 opening.
