Aliko Dangote, the richest person in Africa, is preparing to take his massive petroleum refinery public in what could become the largest IPO the continent has ever seen. The Dangote Petroleum Refinery and Petrochemicals FZE is targeting a valuation between $39 billion and $50 billion, a figure that would dwarf anything previously listed on an African exchange.
Pre-IPO interest has already exceeded $2 billion, drawing attention from retail investors, institutional funds, and global capital allocators alike. The offering is tentatively scheduled for September 2026, though Nigeria’s Securities and Exchange Commission recently pumped the brakes on unauthorized marketing activities since no formal IPO application has been filed or approved.
What the refinery actually is, and why it matters
Located in Lagos, the Dangote refinery is the world’s largest single-train refinery, with a processing capacity of up to 650,000 barrels per day.
Nigeria, despite being one of Africa’s biggest oil producers, has historically been a net importer of refined fuel. The refinery is designed to flip that dynamic entirely, positioning Nigeria as a potential net exporter of refined petroleum products.
