Aliko Dangote Launches Africa's Largest IPO for Oil Refinery
Aliko Dangote launched a 2.15 trillion naira IPO for his petroleum refinery to democratize ownership and fund a capacity expansion to 1.4 million barrels per day.
Industrialist Aliko Dangote launched an initial public offering (IPO) for the Dangote Petroleum Refinery and Petrochemicals on September 14, 2026. Marketed as a people's IPO, the offering seeks to raise approximately 2.15 trillion naira ($1.6 billion to $2.1 billion) by selling 4.1 billion ordinary shares at 525 naira each. The offering, which closes on October 13, targets 10 million retail investors with a minimum subscription of 10 shares to democratize wealth creation.
The capital is earmarked for a $14.3 billion expansion to double the refinery's capacity from 700,000 to 1.4 million barrels per day by 2029. This follows a strong financial turnaround; the refinery reported a $1.82 billion profit after tax for the first half of 2026, reversing previous cumulative losses. Dangote also announced plans for a future listing in the United States and the groundbreaking of a $15 billion refinery in Lamu, Kenya, scheduled for September 30.
High demand caused several digital platforms, including Bamboo, to crash during the launch. To facilitate access, the Nigerian Exchange Group utilized NGX Invest to connect over 100 distribution channels, while Moniepoint Microfinance Bank leveraged its POS network. The Securities and Exchange Commission of Nigeria issued warnings against fraudulent schemes, urging investors to use only authorized agents. While the IPO is praised as a milestone for African industrialization, some analysts have questioned the refinery's $49 billion valuation and warned of risks related to crude oil supply disruptions.
