Dangote Refinery Plans $2 Billion IPO for 2026 Listing

Dangote Petroleum Refinery is preparing for a historic Initial Public Offering (IPO) projected to raise $2 billion, with plans to list in September 2026. This IPO aims to be the largest stock market listing in Africa's history, with an expected valuation of the refinery at $40 billion, potentially reaching $50 billion.

The refinery, owned by Africa's richest man, Aliko Dangote, is located in the Lekki Free Trade Zone, Lagos, and is anticipated to produce approximately 700,000 barrels per day, making it one of the largest single-train refineries globally. Institutional investors have shown strong interest, with nearly $2 billion indicated even before the formal launch of the IPO.

The refinery's successful listing is expected to test the depth of Nigeria's capital market and attract both institutional and retail investors. Despite regulatory scrutiny surrounding the IPO promotion, investor interest remains robust, reflecting confidence in the refinery's financial performance, which reported a 23% profit margin last year.