African industrialist Aliko Dangote has formally announced the landmark initial public offering (IPO) for the Dangote Petroleum Refinery and Petrochemicals facility, revealing an expansion strategy aimed at transforming the complex into the world's largest oil refinery by 2028.
The announcement was delivered during a preliminary signing ceremony in Lagos. Regulators, including Nigeria's Securities and Exchange Commission, cleared the issuer to list 4.1 billion ordinary shares at N525 ($0.40) per unit. This base offer targets raising roughly N2.15 trillion ($1.5 billion), setting up the transaction as the largest equity market offering in African capital markets history.
Proceeds from the public float are designated to double processing capacity from its present baseline of 700,000 barrels per day (bpd) to 1.4 million bpd. The capital deployment will push the facility past existing mega-refineries in Asia to claim the global lead. Company executives confirmed that engineering and procurement for the expansion phases are fully executed, leaving on-site construction as the remaining deliverable before the 2028 target.
The order book opens on September 14, 2026, and closes on October 9, 2026. Shares will trade primarily on the Nigerian Exchange, with retail access structured around accessible minimum investment tiers.
Dangote framed the public issuance as a pivotal moment for domestic energy independence and regional economic development. "Today marks a significant milestone for us as not just a company, but as Nigerians and also Africans," stated Dangote. He noted that energy security remains essential to broader Continental growth objectives, stating, "We cannot industrialise if we do not have energy security".
Operational milestones over the past six months have strengthened the refinery's commercial footprint. The complex has scaled its petroleum product distributions and emerged as a vital supplier of jet fuel into European markets to offset global market disruptions.
