Dangote Refinery to raise $5 bn in Africa’s biggest IPO

The Dangote Petroleum Refinery, Africa's largest refining facility, is preparing for a landmark initial public offering (IPO) expected to conclude in October 2026, aiming to raise approximately $5 billion in what could become the continent's largest-ever stock market listing. The primary listing will be on the Nigerian Exchange Limited, with the company having submitted an initial application to Nigeria's Securities and Exchange Commission for approval.

Located in Lagos, the 650,000-barrel-per-day refinery began operations in 2024 and reached full capacity earlier this year. Built at an estimated cost of $20 billion by industrialist Aliko Dangote, the facility is designed to reduce Nigeria's dependence on imported fuel and boost regional energy security. The refinery has already emerged as a significant regional supplier, exporting products like jet fuel across Africa and to Western Europe, particularly during recent global market disruptions.

Proceeds from the IPO are intended to fund an expansion of the Lagos refinery's capacity, with ambitions to increase output to 1.4 million barrels per day. The funds may also support plans to replicate the project's success with a new,...