Dangote refinery signs IPO documents, unveils $14bn expansion plan

Nigeria’s Dangote Petroleum Refinery and Petrochemicals FZE has taken a decisive step toward Africa’s biggest-ever share sale, with founder Aliko Dangote and his advisory team formally signing offering documents in Lagos on Monday.

The signing marks a key milestone on the company’s path toward what is being billed as the continent’s largest initial public offering, with the offer period set to run from September 14 to October 13, according to a presentation shown at the Lagos ceremony.

The 700,000-barrel-per-day facility is offering Nigerians and other Africans the chance to acquire shares in a deal structured as a N2.15 trillion IPO, comprising 4.1 billion ordinary shares priced at N525 each, with a minimum subscription pegged at 10 shares.

Alongside the listing, Dangote disclosed plans for a major capacity expansion. Speaking at the event, Dangote said proceeds from the offer would help fund the refinery’s growth while also broadening public ownership, describing it as “the IPO for the people” with no restrictions on who could hold shares.

He confirmed the company intends to nearly double output, lifting capacity from 700,000 to 1.4 million barrels per day, a move he said would strengthen the plant’s ability to serve both domestic and international markets.

Reports on the accompanying prospectus put the cost of that expansion at roughly $14 billion, and note the project would position Dangote’s Lekki complex as the largest refinery in the world once complete.

The offering comes as the refinery’s finances have swung sharply upward. According to the IPO prospectus, the company posted an after-tax profit of $1.82 billion in the first half of 2026, a marked turnaround from a $476 million loss for the whole of 2025.

Recent valuations place the refinery’s worth between $39 billion and $47 billion, well above its roughly $20 billion construction cost, and chief executive David Bird has framed the sale as a way to ensure Nigerian and African retail investors are not shut out of the deal, while ruling out a foreign listing for at least three years.

Dangote’s ambitions stretch beyond Nigeria as well, with plans reportedly under consideration for a refinery on Kenya’s coast in partnership with East African governments.