Aliko Dangote Announces $2 Billion IPO for Lagos Refinery

Aliko Dangote announced that Dangote Petroleum Refinery & Petrochemicals FZE will launch an initial public offering within the next 10 to 12 days. The company intends to raise up to $2 billion to double the production capacity of its refinery in Lagos, Nigeria, increasing output from 700,000 to approximately 1.4 million barrels per day.

This public offering follows a private placement that raised $2.5 billion. During a briefing in Gaborone, Botswana, Dangote also met with President Duma Boko to discuss potential investments in the region.

Beyond the Lagos expansion, Dangote outlined broader infrastructure goals across Africa. These include plans to construct a refinery plant in Lamu, Kenya, and an increase in spending for a fertilizer complex in Ethiopia to more than $4 billion.