Aliko Dangote, Africa’s richest man, is attempting something no Nigerian company has ever pulled off: a public listing that would value his petroleum refinery at roughly $39 billion.
The refinery already completed a $1 billion private placement in June 2026, offering 3 billion shares at $0.35 each. Demand for that placement reportedly exceeded $2 billion.
The road to listing just got a speed bump
On June 23, 2026, the Nigerian Securities and Exchange Commission issued a halt order on marketing the IPO. The reason: no formal application had been submitted or approved.
That’s a meaningful wrinkle for a company targeting a September 2026 public listing.
