On 14 September 2026, Nigerian billionaire Aliko Dangote opened access to ownership of his oil refinery to the general public. This is the largest initial public offering in the history of Africa.
The Dangote Petroleum Refinery & Petrochemicals FZE is located in the Lekki area near Lagos. It refines 700 thousand barrels of oil per day and has already reached full capacity this year.
Dangote, the richest man in Africa, called the offering an "IPO for the people." He wants ordinary Nigerians and residents of the continent to be able to become shareholders.
The group is selling 4,1 billion shares at 525 naira each. The minimum purchase is 10 shares. The goal is to raise up to 2,15 trillion naira, or about 1,6 billion dollars.
Dangote retains 87 percent ownership. The funds will go toward expanding capacity to 1,4 million barrels per day by 2029.
The plant, worth about 20 billion dollars, began operation in 2024. Since then, Nigeria has turned from an importer into an exporter of petroleum products.
An additional boost came from supply disruptions due to the conflict in Iran. The plant was able to sell aviation fuel to Europe and other regions.
Retail investors are showing notable interest. The shares are available through mobile apps, and the minimum entry threshold is low.
Dangote is already considering building a similar plant in Kenya by 2030. The listing on the Nigerian exchange may receive a secondary listing in the United States.
