Aliko Dangote is preparing to take his mega-refinery public in what would be Africa’s largest initial public offering ever. The Dangote Petroleum Refinery & Petrochemicals FZE is targeting a valuation between $39.1 billion and $50 billion, with plans to sell roughly 10% of its equity on the Nigerian Exchange.
Pre-IPO demand has already exceeded $2 billion. That includes a $1 billion private placement tranche that closed in June 2026 at a share price of $0.35.
The world’s largest single-train refinery goes public
The refinery, located in Lagos’s Lekki Free Trade Zone, achieved full capacity of 650,000 barrels per day back in February 2026. That makes it the largest single-train refinery on the planet. Building it cost over $20 billion.
The proceeds from the IPO are earmarked for a $40 billion five-year expansion plan with an ambitious goal: turning Nigeria from a country that imports most of its refined petroleum products into a net exporter.
