Dangote's IPO Launch Set for September 14, Targets N2.15 Trillion

Aliko Dangote, Africa's richest man, is advancing with the Initial Public Offering (IPO) of his petroleum refinery, scheduled to open on September 14. During a presentation to investors and analysts in Botswana, Dangote confirmed that the IPO would involve 4.1 billion ordinary shares priced at N525 each, potentially generating around N2.15 trillion (approximately $1.5 billion).

This IPO is poised to be one of the largest in Nigeria's history. The Nigerian Exchange has approved the offering and registered the refinery's existing 120.13 billion ordinary shares.

The refinery currently operates at about 700,000 barrels per day, with plans to double this capacity to 1.4 million barrels per day using funds raised from the IPO. A 15% over-allotment option will be available if demand exceeds expectations.

A private placement in July valued the refinery at around $40 billion. Dangote's net worth has significantly increased, reaching $31.5 billion as of September 4, 2026, according to Forbes.