Aliko Dangote says the Dangote Refinery IPO will broaden African ownership as the company plans to expand refinery capacity from 700,000 to 1.4 million barrels per day
Dangote: Refinery IPO Will Give Millions of Africans Stake in $World-Class Industrial Asset
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has described the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals as part of a long-term strategy to broaden African participation in strategic industrial assets and drive the continent’s economic transformation.
Speaking in an interview with Bloomberg Television, Dangote said the IPO was about more than raising capital, arguing that it would provide Africans with an opportunity to become shareholders in one of the continent’s biggest industrial projects.
The Dangote refinery public offer opened on September 14, 2026, with 4.1 billion ordinary shares offered at ₦525 per share. The offer, which is open to retail, institutional and eligible African investors, is scheduled to close on October 13, 2026. The Nigerian Exchange Group said the ₦2.15 trillion offering represents the first petroleum refinery to be offered to investors on the Nigerian stock market in the Exchange’s 66-year history.
Dangote said the decision to broaden ownership was driven by a desire to ensure that Africans participate directly in the value created by major industrial investments on the continent.
“For decades, Africa’s most strategic assets have been owned by a limited group of investors. Through this IPO, we are creating an opportunity for millions of Africans to become part-owners of a transformative business that is changing the energy landscape of the continent. It is about creating value, expanding prosperity, and building generational wealth for our people,” said Aliko Dangote.
He said the refinery was conceived as an African response to the continent’s longstanding energy challenges, with the broader Dangote Group strategy focused on reducing dependence on imported products, strengthening local production and creating jobs.
Dangote said the group also remained committed to developing industries capable of supporting economic self-sufficiency, generating foreign exchange and stimulating wider economic activity across Africa.
He disclosed that the refinery’s capacity is planned to increase from its current 700,000 barrels per day to 1.4 million barrels per day over the coming years, with proceeds from the IPO expected to support the expansion programme.
The proposed expansion would further increase the scale of the Lekki-based facility, which Dangote describes as a major component of the group’s long-term industrial strategy. The company has also positioned the refinery as a strategic African energy asset with significant domestic and regional supply potential.
Dangote also said the refinery intends to pursue a listing on the New York Stock Exchange after completing the next phase of its expansion, a move he said would broaden access to international capital and expose African industrial assets to a wider pool of global investors.
On investor confidence, the billionaire businessman said the strong demand recorded during the refinery’s private placement demonstrated significant interest in the project among domestic and international investors.
He said the company deliberately limited the amount raised through the private placement in order to create room for broader participation in the public offer.
“Our objective has always been bigger than building a refinery. We want to create institutions that will outlive us, businesses that can compete globally, and opportunities that allow Africans to share in the wealth created on the continent. This IPO is another step towards achieving that vision,” he stated.
The Dangote refinery IPO has attracted significant attention across Nigeria’s capital market since its launch. NGX described the offering as a major milestone for Nigeria and Africa’s capital markets, while the Securities and Exchange Commission has urged prospective investors to rely only on approved channels and carefully study the offer documents before subscribing.
The SEC has also warned investors against unsolicited offers, social media promotions and unauthorised platforms claiming to process applications or guarantee allotments, stressing that subscriptions should be made only through approved receiving agents and electronic application channels.
Dangote maintained that Africa has the resources, talent and market potential required to compete globally, arguing that industrialisation would remain central to the continent’s economic development.
He pointed to sectors including refining, petrochemicals, cement, fertiliser and manufacturing as critical areas capable of supporting Africa’s industrial growth and reducing its dependence on imports.
The IPO gives eligible investors an opportunity to apply for shares in Dangote Petroleum Refinery and Petrochemicals FZE, with investors becoming shareholders if shares are allotted to them. The official IPO platform cautions that investing in shares carries risks and advises prospective investors to read the prospectus and seek professional guidance where necessary.
