Nigeria’s securities regulator has had to step in and pause marketing activities for the Dangote Petroleum Refinery IPO. The reason: too much enthusiasm.
The offering, targeting a valuation of roughly $40 billion with some estimates stretching to $50 billion, is set for September 2026. It would be the largest IPO in African history by a wide margin, and pre-IPO demand has already reached nearly $2 billion from institutional investors jockeying for position.
The biggest deal Africa has ever seen
Dangote Petroleum Refinery plans to sell approximately 10% of its equity, a stake that could raise up to $2 billion across multiple African exchanges, including the Nigerian Exchange.
Aliko Dangote, Africa’s wealthiest individual, is leading the effort. The facility, located in the Lekki Free Trade Zone near Lagos, has ramped production to an estimated 700,000 barrels per day.
