Aliko Dangote says the landmark public offer will help expand the refinery and strengthen Nigeria’s energy security as the company targets about $1.6bn from investors

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, on Monday, September 7, 2026, signed the offer documents for the Dangote Petroleum Refinery and Petrochemicals initial public offering in Lagos, setting the stage for a landmark share sale expected to raise about $1.6bn.

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The public offer will comprise 4.1 billion ordinary shares priced at ₦525 each, translating to about ₦2.15tn if fully subscribed. The offer is scheduled to open on September 14 and close on October 13.

The transaction is expected to become one of Africa’s largest public equity offerings and represents a significant step in the transformation of the privately owned refinery into a publicly held company.

The refinery is valued at roughly $49bn in the signed prospectus, although recent regulatory and market reports have placed the valuation at around $47bn.

Speaking at the signing ceremony in Lagos, Dangote reflected on the long and difficult journey behind the refinery, describing the project as a symbol of what sustained ambition and determination can achieve.

He recalled that bankers supported the project at an early stage, before the company had finalised the refinery’s location or obtained its licence.

“Bankers without them even seeing which site we were going to use. Without seeing the licence, we didn’t even have a licence of the refinery,” Dangote said.

He attributed that early support to the trust between his company and its financial partners.

“But the shared trust between us and our bankers made them to put money on the table without asking too many questions. We thank you for your trust,” he added.

The journey to the refinery’s eventual location at the Lekki Free Zone was far from straightforward.

Dangote said the company spent about five years searching for suitable land, including three years and eight months at Olokola before moving to Lekki.

“Three years, eight months in Olokola, and then we spent over a year and a half before we got access to our land at Lekki Free Zone,” he said.

He also recalled difficulties encountered when the company attempted to gain access to the Lekki site, including resistance from members of the surrounding community.

Dangote acknowledged the contributions of former Lagos governors Babatunde Fashola and Akinwunmi Ambode, as well as incumbent Governor Babajide Sanwo-Olu, to the development of the project.

“They did extremely very well, and then later on, Sanwo-Olu, they did even better,” he said.

The refinery, built at an estimated cost of about $20bn, currently has a processing capacity of about 700,000 barrels per day.

The company plans to use funds from the IPO and other financing arrangements to expand capacity to 1.4 million barrels per day by 2028.

Dangote said the refinery was central to the wider ambition of the Dangote Group to accelerate industrial development across Africa.

“Our Vision 2030 mantra at the Dangote Group is ‘accelerating Africa’s industrialisation,’” he said.

“We have learned the hard way and we cannot industrialise if we do not have energy security.”

The refinery has already become an important part of Nigeria’s petroleum supply chain, producing refined products for the domestic market while also exporting products, including aviation fuel, to markets in Africa and Europe.

Dangote said the company’s experience had also influenced its plans to expand its industrial footprint beyond Nigeria, with projects and investment interests extending to countries including Ethiopia, Kenya, Tanzania and Namibia.

He urged Nigerians and other Africans to take greater responsibility for developing the continent rather than relying excessively on external capital and expertise.

“As I have said repeatedly, we as Nigerians and Africans must be bold and lead the change to develop our economies and our continent,” he said.

“Only then will the others take us very seriously. Only then will we be in the position to negotiate and walk away with terms that we desire, not those terms that are given to us.”

The IPO also comes as the Nigerian equities market has recorded strong gains, creating a potentially favourable environment for a major new listing. The Dangote refinery offer is expected to bring substantial new capital-market activity and broaden investor participation.

Financial advisers have said the offer is expected to attract both institutional and retail investors. The minimum subscription is reported to be 10 shares, while the proposed listing is expected later in the year.

The refinery’s public offer follows earlier private investment that raised substantial capital for the business. The latest IPO is intended to support the refinery’s next phase of expansion and strengthen its position as a major energy and industrial asset.

For Dangote, however, the significance of the transaction goes beyond the numbers attached to the share sale.

“The refinery means so much to our continent,” he said, linking the project to Africa’s wider aspirations for industrialisation, energy security and economic independence.

He described the IPO milestone as a moment of collective pride and said the refinery demonstrated what could be achieved through sustained commitment.

“This event signals that we can dream and dream big while we create prosperity for our people,” Dangote said.

“Today also shows that nothing is impossible for us to achieve once we are focused and determined.”

The public offer is expected to open on September 14, giving investors an opportunity to participate in one of the most closely watched capital-market transactions in Nigeria’s recent history.

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The transaction will also test investor appetite for a refinery that has rapidly assumed strategic importance in Nigeria’s energy sector, while providing Dangote Petroleum Refinery with additional capital to pursue its ambitious expansion plans.