Dangote Refinery Launches Africa's Largest IPO on Nigerian Exchange

Dangote Petroleum Refinery has launched a N2.15 trillion initial public offering on the Nigerian Exchange, marking what is projected to be Africa's largest share sale. The offering, described by owner Aliko Dangote as a "Peoples IPO," opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026. The IPO comprises 4.1 billion new ordinary shares offered at N525 each, with a minimum subscription of 10 shares valued at N5,250. The offer is targeted at retail, institutional, and eligible African investors. If fully subscribed, the offering would raise approximately N2.15 trillion. At a ceremony on the trading floor of the Nigerian Exchange in Lagos, Dangote sounded the gong to formally open the offer. He emphasized the goal of broadening public participation in the ownership of the refinery. "We fully share all our prosperity with the people. That's why we call this Peoples IPO," Dangote stated. He indicated this is part of a broader plan to list more companies from the Dangote Group on the capital market. Proceeds from the IPO are expected to fund an expansion of the refinery to increase its capacity to about 1.4 million barrels per day.