Nigeria's Securities and Exchange Commission has approved the initial public offering of Dangote Petroleum Refinery, clearing the way for what is expected to be Africa's largest-ever share sale.
The refinery will offer 4.1 billion ordinary shares at N525 each, targeting proceeds of about N2.15 trillion, or roughly $1.55 billion, with a 15 percent over-allotment option available if demand exceeds the initial offer. The SEC also registered the company's existing 120.13 billion ordinary shares and cleared its draft offer documents, according to a letter to lead issuing house Vetiva Advisory Services. The order book is scheduled to open September 14, following a completion board meeting expected the preceding Monday.
Aliko Dangote, speaking to investors in Botswana on Thursday, said proceeds would fund an expansion of the refinery's capacity from its current 650,000-barrel-per-day nameplate rating, already tested at up to 700,000 barrels a day, to 1.4 million barrels per day. Analysts have valued the refinery at between $40 billion and $50 billion, following a heavily oversubscribed $2.5 billion private placement completed earlier this year.
Dangote also said the group plans to launch a coastal refinery project in Kenya on September 30 in partnership with East African governments, and is preparing a secondary London listing for Dangote Cement. The refinery's growing output has already reshaped Nigeria's oil sector: refining activity recorded its strongest quarterly growth on record in the second quarter of 2026, and the country's seaborne refined product exports to Europe rose sharply over the same period.
