Finance07 September, 20263 min read
Dangote Refinery Signs IPO Documents for $14.3 Billion Expansion, Targets Late November Trading
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$14.3 billion expansion to 1.4 million barrels per day by 2029. IPO documents signed; aims to be Africa's biggest ever, raising ~₦2 trillion (~$1.6B).
Dangote IPO and expansion
Nigeria’s Dangote oil refinery plans to spend $14.3 billion to double its processing capacity, the company disclosed on Monday as it signed documents for an initial public offering slated to be Africa’s biggest ever. The expansion programme, due to be complete by 2029, would increase the refinery’s capacity to 1.4 million barrels per day from 700,000 currently, according to the IPO prospectus on Nigeria’s main stock exchange. Reuters said the IPO aims to raise about 2.15 trillion naira ($1.63 billion) and run from September 14 to October 13, with shares expected to start trading in late November.
Reuters also reported that the refinery made an after-tax profit of $1.82 billion in the first half of 2026, compared with a $476 million loss for all of 2025. At the same time, Forbes Africa reported that founder Aliko Dangote said the refinery plans to raise slightly more than ₦2 trillion ($1.6 billion) through an IPO, with the offer launching on September 14 and scheduled to close on October 13.
Retail investors and pricing
Forbes Africa said the refinery will offer shares at ₦525 ($0.40) each, with a minimum subscription of 10 shares, and it reported that the shares are expected to list on the Nigerian Exchange in November.
The same story said Dangote told an event in Lagos that the offer is designed to give a broad base of Nigerians and other Africans an opportunity to own a stake, adding, “We want every human being living on the continent to be part of this action.”
Reuters reported that the IPO is initially offering 4.1 billion ordinary shares at 525 naira each and includes a “greenshoe option” whereby it could sell up to 30% more if demand exceeds that amount.
Reuters also quoted refinery chief executive David Bird saying, “The intent is very much the people's IPO, drive wide participation, enable Nigerians and the Nigerian diaspora, and Africans more broadly, the opportunity to participate.”
Daily Sabah said the IPO goes live Sept. 14, aims to attract up to 10 million shareholders across Africa, and quoted Dangote saying, “It's not really about raising funds. It's about getting our own Africans generally to be part and parcel of this refinery.”
Who is backing the deal
Beyond the refinery itself, EnterpriseAM said Adnoc is in talks to take stakes in refineries run by units of Thailand's PTT and Nigeria's Dangote Group, with an agreement possible later this year. EnterpriseAM reported that the talks with Dangote cover its Nigerian operations, a planned East Africa refinery, and possibly a stake in the pipeline linking it to Kenyan oilfields. Reuters said ADNOC was interested in investing in the plant alongside others but declined to elaborate, citing non-disclosure agreements, and it reported that ADNOC did not immediately respond to a Reuters request for comment.
Reuters also tied the IPO to Dangote’s wider business empire, saying the refinery is part of Africa’s richest man Aliko Dangote’s sprawling business empire that includes cement and sugar assets. In parallel, Forbes Africa said the refinery is located on the outskirts of Lagos and currently has processing capacity of 700,000 barrels per day (bpd), making it Africa’s largest refinery, as it prepares to expand to 1.4 million bpd by 2028.