Dangote Refinery IPO Set for September 14

Dangote Refinery has set September 14, 2026, as the launch date for its initial public offering (IPO), a move expected to be the largest equity sale in Africa's history. The company completed the endorsement of offer documents in Lagos on Monday, September 7, 2026, with owner Aliko Dangote presiding over the signing ceremony. The public offering will make 4.1 billion ordinary shares available to investors at N525 per unit. The minimum subscription for retail investors has been fixed at N5,250, which equates to 10 shares. This structure is intended to allow broad participation from Nigerians in the refinery's future growth. The offering aims to raise approximately N2.2 trillion, or about $1.6 billion, with proceeds earmarked for doubling the refinery's current capacity from 700,000 barrels per day to 1.4 million barrels per day. The IPO is positioned not only as a capital-raising exercise but also as a significant event for Nigeria's capital market and industrial landscape. The refinery, which cost an estimated $20 billion to establish and is now valued at around $40 billion to $50 billion, commenced production in January 2024.