Africa's richest man, Aliko Dangote, has confirmed that the Initial Public Offering (IPO) of his petroleum refinery will open its order book on September 14, 2026. The announcement came during an investor meeting in Botswana, where Dangote detailed plans to double the refinery's capacity. The offering comprises 4.1 billion ordinary shares priced at N525 each, potentially raising about N2.15 trillion ($1.5 billion), making it one of Nigeria's largest equity offerings.
IPO Timeline and Share Details
Speaking to investors and analysts in Botswana on Thursday, Dangote said the IPO would launch within 10 to 12 days. "So our dream is that we want to make sure we double the capacity of the refinery which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days," he stated. The Securities and Exchange Commission has already approved the offering and registered the refinery's 120.13 billion existing ordinary shares, clearing the path for listing.
The offering includes a 15 percent greenshoe option, allowing over-allotment if demand exceeds the base offer. This mechanism provides flexibility to meet strong investor interest, as reported by BusinessDay.
Expansion Plans and Valuation Debate
The refinery currently operates at about 700,000 barrels per day. Funds raised from the IPO will be directed toward doubling capacity to 1.4 million barrels per day. Dangote framed the listing as a continental milestone: "This is not a Nigerian listing. It's an African listing."
However, valuation questions persist. A private placement in July valued the refinery at around $40 billion, but some analysts compare it unfavorably to international peers. Turkey's Tupras, with similar combined refining capacity across four sites, carries a market value of about $12 billion. New York-listed HF Sinclair, processing roughly 678,000 barrels per day, is valued at around $16 billion. Dangote has set an ambition for the refinery to exceed $12 billion in EBITDA.
Dangote's Wealth Surge and Market Impact
Dangote's personal fortune has climbed sharply in 2026. Forbes' real-time tracker put his net worth at $31.5 billion as of September 4, up from $25.6 billion at the end of 2025. The Bloomberg Billionaires Index placed the figure higher at $34.5 billion on Friday. The discrepancy stems from different methodologies for valuing his privately held assets.
On Friday, Dangote Cement remained unchanged at N1,034 per share, with a market capitalisation of N17.4 trillion. Dangote Sugar Refinery fell 1.39% to N72. The broader Nigerian Exchange gained 1.14% over the week, with total market capitalisation rising to N159.6 trillion from N157.7 trillion on Monday.
Investor Positioning Ahead of Listing
Investors are already positioning for the IPO. Earlier, Dangote confirmed the listing would launch in September 2026 during a tour of the refinery complex in Lagos on May 20, alongside chairman Femi Otedola and senior executives of First HoldCo. He noted that investor interest in the refinery IPO has skyrocketed even before the offer officially opens.
