Africa's Biggest IPO: What to Know About Dangote's Refinery's $47 Billion Public Offering

Dangote Petroleum Refinery is preparing for what is set to become the largest initial public offering in African history—a landmark moment for Nigeria’s capital market and African industrial investment.

Following regulatory approval, the refinery will offer 4.1 billion shares at ₦525 ($0.40) each, potentially raising about ₦2.15 trillion ($1.63 billion). The offer is expected to run from September 14 to October 13, with trading potentially beginning on the Nigerian Exchange in late November. The terms imply a valuation of roughly $47 billion.

The scale of the asset is equally significant. Built at roughly $20 billion, the refinery is now operating at around 700,000 barrels per day and has helped transform Nigeria from a major fuel importer into a growing exporter. More importantly for investors, it reported a $1.82 billion after-tax profit in the first half of 2026, reversing a $476 million loss for all of 2025 as production increased and refining margins strengthened.

The IPO is also financing a much bigger ambition. Dangote plans to spend $14.3 billion to double capacity to 1.4 million barrels per day by 2029, potentially putting the facility among the world’s largest refining complexes. With a minimum subscription of just 10 shares, Dangote is targeting 10 million shareholders across Africa.

While regulatory complexity prevented simultaneous listings on other African exchanges, investors elsewhere on the continent are expected to participate through institutional channels, with potential cross-listings still under consideration.

For investors, the opportunity comes with important considerations. Doubling capacity will require substantially more crude at competitive prices, while a valuation approaching $50 billion puts greater focus on execution and future earnings.

Yet the ability to source both Nigerian and imported crude provides flexibility, while growing exports and current global refining shortages strengthen its market position. The IPO offers rare public-market exposure to an asset at the intersection of Africa’s energy security, industrialisation and regional trade.