Dangote launches reported US$1.6 billion retail IPO for Nigerian refinery
The offering values Africa’s largest refinery at about US$49 billion, while Aliko Dangote retains 87 per cent ownership.
Aliko Dangote has launched a reported US$1.6 billion initial public offering for his Nigerian oil refinery, opening ownership to retail investors across Africa in what France 24 International described as the continent’s biggest IPO.
Investors can reportedly buy a minimum 10-share bundle for 5,250 naira, or about US$4. The refinery’s shares are not scheduled to be publicly listed in Nigeria until November, and the fundraising outcome has not been independently confirmed.
The offering values the refinery at about US$49 billion, more than twice its reported US$19 billion construction cost. Dangote retains 87 per cent ownership, a structure that has prompted questions about the “people’s IPO” framing and the valuation.
The launch reportedly generated heavy traffic on some Nigerian digital investment platforms, temporarily taking at least two offline. Some investors have welcomed the refinery’s scale and potential returns, while others have questioned whether the reported price of 525 naira per share is too high.
The refinery began production in 2024 and reached its full capacity of 650,000 barrels per day earlier this year. Its operations have helped Nigeria move from importing refined oil towards exporting it after decades of reliance on foreign refining.
Dangote has proposed increasing capacity to 1.4 million barrels per day and building a refinery in Kenya by 2030. Those plans remain proposals, while the timing and final terms of the Nigerian listing are subject to confirmation.
