Dangote Petroleum Refinery and Petrochemicals announced it has launched an initial public offering (IPO) for listing on the Nigerian Exchange (NGX). Proceeds are reported to be used to double the refinery’s current capacity of 700,000 barrels per day to 1.4 million barrels per day by 2029. The offering is described as Africa’s largest-ever IPO, according to reports.
The Dangote Refinery, located near Lagos, Nigeria, is reported to be the largest single refining facility in Africa. The IPO subscription period reportedly opened on September 14, 2026, and is set to close on October 13. Proceeds are expected to be used both for capacity expansion and balance sheet improvement, it was reported. The company is also reported to be pursuing an additional listing on the New York Stock Exchange (NYSE) following completion of the expansion.
The IPO is being conducted at a share price of 525 naira (approximately $0.40) with 4.1 billion shares on offer, with proceeds expected to range from approximately $1.5 billion to $1.8 billion (with potential for further expansion including a 15% greenshoe option). Refining capacity is planned to expand from the current 700,000 barrels per day to 1.4 million barrels per day by 2029, with the overall expansion investment separately reported at approximately $14.3 billion (based on an expansion plan announced in October 2025, provided as background).
The Dangote Refinery has reportedly contributed to reducing Nigeria’s dependence on imported petroleum products since coming online, and this expansion is reported to be linked to broader efforts to expand refining capacity across the West Africa region.
Africa has reportedly relied heavily on imported petroleum products due to a shortage of domestic refining capacity, and the Dangote Refinery’s expansion is cited as a representative case of changing that structure. As a large-scale refinery expansion funded through capital markets, this could signal a broader trend of major refining projects in emerging markets such as Africa and the Middle East pairing traditional project financing with equity market fundraising. The symbolic significance of being Africa’s largest IPO could also influence broader investor sentiment in Nigeria’s capital markets. The capacity expansion is also drawing industry attention as a potential source of additional contract opportunities for EPC contractors and equipment suppliers.
The outcome of the IPO subscription closing on October 13 and the final amount raised are the first items to confirm. Beyond that, the timing and progress of specific EPC contract awards for the capacity expansion, as well as whether the planned additional NYSE listing proceeds, are worth continued monitoring.