The long-anticipated initial public offering (IPO) of the Dangote Petroleum Refinery is expected to open within the next 10 to 12 days, according to Aliko Dangote, potentially setting the stage for what could become Africa’s largest-ever IPO.
Dangote disclosed the timeline while speaking to investors in Botswana, confirming that the refinery is moving closer to the capital-market offering. The IPO is expected to raise approximately $5 billion, although final transaction details, including the offer price and number of shares to be offered, remain subject to regulatory and market processes.
The planned offering follows the refinery’s formal engagement with Nigeria’s Securities and Exchange Commission (SEC) on its proposed listing. If completed at the reported size, the transaction would represent a major milestone for Nigeria’s capital market and significantly deepen the country’s ability to attract large-scale domestic and international equity capital.
The refinery, located in Lekki, Lagos, has a designed capacity of 650,000 barrels per day and reached full capacity in February 2026. Dangote also disclosed plans to eventually increase its capacity to 1.4 million barrels per day, potentially strengthening its position as a major supplier of refined petroleum products across Africa.
Beyond the refinery IPO, Dangote announced plans for a secondary listing of Dangote Cement on the London Stock Exchange, expected in October, while the group is also pursuing a new refinery project on Kenya’s coast.
For Nigeria’s investment-banking and capital-market ecosystem, the Dangote Refinery IPO could become a landmark transaction, potentially attracting substantial institutional and foreign portfolio investment while setting a new benchmark for the valuation and financing of large African industrial assets.
