Aliko Dangote is taking Africa’s largest oil refinery public. The Dangote Petroleum Refinery & Petrochemicals IPO is targeting approximately $1.5 billion on the Nigerian Exchange, with a potential 15% greenshoe option that could push the total raise even higher.
The order book for shares is set to open on September 14, with a listing price of N525 per share, roughly $0.40. The offering represents about 10% of the business through 4.1 billion shares.
A private placement that set the stage
In July 2026, Dangote completed a $2.5 billion private placement that was oversubscribed by a factor of 3.7. That round valued the refinery at approximately $40 billion.
The refinery began full operations in 2024 after a construction journey that cost approximately $20 billion. Its nameplate capacity sits at 650,000 barrels per day, making it the largest single-train refinery on the African continent.
