Aliko Dangote has said ordinary Nigerians, including the company’s drivers and cooks, will have the opportunity to own stakes in the Dangote Refinery through its planned Initial Public Offering (IPO).
Dangote, President and Chief Executive of Dangote Industries Limited, made the declaration on Monday at the signing ceremony for the refinery’s IPO in Lagos.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” he said.
The IPO will offer 4.1 billion ordinary shares at ₦525 per share, putting the refinery’s implied market valuation at about $47 billion.
The official application list is scheduled to open on September 14, 2026, and close on October 9, 2026, after 25 days.
Retail investors can subscribe to a minimum of 100 shares, worth ₦52,500, with additional subscriptions available in multiples of 50 shares.
The signing ceremony was attended by prominent financial figures, including Zenith Bank Chairman Jim Ovia and Heirs Holdings Chairman Tony Elumelu.
The public offer marks the first major public share sale involving the Dangote Refinery since its commissioning in 2023, following nearly a decade of construction and an investment of about $20 billion.
Located in the Lekki Free Zone, Lagos, the refinery has a stated refining capacity of 650,000 barrels per day (bpd).
The proceeds from the IPO are expected to support an expansion that would increase processing capacity from its current operational baseline of 700,000 bpd to 1.4 million bpd.
If achieved, the expanded facility would become the world’s largest operating oil refinery, surpassing India’s Jamnagar refinery complex.
The capital raise follows a $2.5 billion private placement completed in July.
The company is also proposing to pay dividends in US dollars, using foreign exchange earnings from refined petroleum products and petrochemical exports to help shield investors from naira volatility.
According to the company, the Securities and Exchange Commission has approved the IPO, potentially making it one of the largest capital market transactions in Nigeria’s history.
If fully subscribed, the listing is expected to increase the total market capitalisation of the Nigerian Exchange (NGX) by an estimated 30 to 40 per cent.
The refinery currently supplies more than 80 per cent of Nigeria’s domestic petrol demand, while its long-term performance will depend on crude feedstock availability, export growth and refining margins.
Chronicle NG reports that the planned IPO comes as the Dangote Group seeks to expand its refining footprint and position its facilities to meet growing fuel demand across Africa.
The group is also planning to break ground on a 700,000-bpd coastal refinery in Lamu, Kenya, on September 30.
