Dangote launches Africa's largest share sale for Nigerian oil refinery

September 14, 2026 at 08:47 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Nigerian billionaire Aliko Dangote launched Africa's largest share sale on Monday, offering 4.1 billion shares of his oil refinery at 525 naira each. The initial public offering could raise up to $2.1 billion and values the refinery at roughly $47 billion. The offer runs through Oct. 13 and is open to ordinary Nigerians with a minimum purchase of 10 shares.

Key Facts

The IPO offers 4.1 billion shares at 525 naira each, with a greenshoe option that could raise total proceeds to $2.1 billion.
The refinery processes 700,000 barrels of crude oil per day and is valued at approximately $47 billion.
The refinery reported an after-tax profit of $1.82 billion for the first half of 2026, compared with a $476 million loss for all of 2025.
Proceeds will fund a $14.3-billion expansion to double capacity to 1.4 million barrels per day by 2029.
The minimum purchase is 10 shares, costing about $4, and the offer runs through Oct. 13.

The Share Sale

Aliko Dangote launched the initial public offering on Monday, offering 4.1 billion shares of the Dangote refinery at 525 naira each. The offer runs through Oct. 13 and would raise $1.6 billion if fully subscribed, or as much as $2.1 billion if the company exercises its greenshoe option. The sale values the refinery at roughly $47 billion. Ordinary Nigerians can buy as few as 10 shares through fintech platforms, with the minimum purchase costing about $4.

Refinery Performance

The refinery processes 700,000 barrels of crude oil per day, making it the seventh-largest in the world. It has supplied most of Nigeria's domestic gasoline since starting operations in 2024. The refinery reported an after-tax profit of $1.82 billion for the first half of 2026, compared with a $476 million loss for all of 2025. Supply disruptions linked to the Iran war increased demand for its jet fuel across Africa and Europe.

Expansion Plans

Dangote will use the proceeds toward a $14.3-billion expansion that would double the refinery's capacity to 1.4 million barrels a day by 2029. The refinery was first announced in 2013 with an initial estimated cost of around $19 billion, but construction did not begin until 2017. The site in the Lekki Free Zone near Lagos required massive land reclamation, with 65 million cubic metres of sand moved.