adsThe Dangote Refinery IPO will be, if it closes as structured, the largest initial public offering in the history of African capital markets. The previous record on the Nigerian Exchange was MTN Nigeria in 2019 at $876 million. This transaction is targeting five to six times that figure in a single offer. Nothing comparable has been attempted on any African securities exchange.
The Dangote Refinery IPO, expected to open for public subscription in August 2026 with a formal listing on the Nigerian Exchange’s Main Board targeted between June and July 2026, is projected to raise up to $5 billion through the sale of approximately 10% of the refinery’s equity. Analysts and the Dangote Group itself have indicated a valuation target of between $40 billion and $50 billion. Bloomberg, citing a senior Dangote Group executive, reported the $50 billion figure in May 2026. To contextualise what that means for Nigerian capital markets: the MTN Nigeria listing in 2019, which raised approximately $876 million, was at the time the largest initial public offering in the history of the Nigerian Exchange. The Dangote Refinery IPO is targeting up to five to six times that figure in a single transaction. Nothing of comparable scale has previously been attempted on any African securities exchange.
