Dangote Announces IPO for Refinery to Open Soon

Aliko Dangote revealed on Thursday, September 3, 2026, that the initial public offering (IPO) for Dangote Refinery will commence within the next 10 to 12 days. This IPO is projected to raise approximately $5 billion, potentially marking it as the largest IPO in Africa's history.

The refinery, which currently operates at a nameplate capacity of 650,000 barrels per day and has tested production levels of up to 700,000 barrels per day, is considered a crucial energy asset in Africa. The proceeds from the IPO are intended to support Dangote's plans to significantly expand the refinery's capacity.

Investors are advised to understand the offer price, share structure, and dividend policy, as these will impact potential returns. The refinery's profitability may be influenced by crude supply costs, with 30% to 40% of its crude sourced from imports.

Additionally, Dangote mentioned plans for a secondary listing of Dangote Cement on the London Stock Exchange in October and a new refinery project in Kenya set to launch on September 30.