Dangote Refinery Secures $1.6 Billion IPO Amid Global Interest

Dangote Refinery has closed its $1.6 billion initial public offering (IPO), attracting investment interest from 119 countries as of October 27, 2026. The IPO secured commitments between $1.5 billion and $1.6 billion from Nigerian and retail investors.

The refinery offered 4.1 billion new shares at ₦525 each, targeting approximately ₦2.15 trillion, or $1.58 billion. The company, valued at nearly $50 billion, may increase the offer by 30% if demand warrants.

The IPO received a two-week extension from the Securities and Exchange Commission (SEC) to accommodate investor registrations. Notably, global depositary receipts worth up to $300.4 million were reserved for East African investors, while Botswana served as the trading hub for Southern African investors.

Dangote aims to attract up to 10 million shareholders, with allotment details expected by November 10 and trading projected to begin in December 2026. The refinery reported $4.73 billion in net profit on revenue of $22.5 billion during the first nine months of 2026.