Aliko Dangote has launched an initial public offering for his Nigerian refinery business, seeking about $1.6 billion in what the supplied reports describe as Africa’s largest-ever IPO. The offering is aimed at both institutional and retail investors and is intended to help finance a major expansion of the Lagos-based refinery.
Retail investors can subscribe to a minimum of 10 shares for 5,250 naira. The subscription period is scheduled to run until 13 October, with the refinery expected to be publicly listed in Nigeria in November. Dangote is retaining 87% ownership of the business, according to the supplied reporting.
The expansion plan targets production capacity of 1.4 million barrels of oil per day and includes additional refining and petrochemical facilities. The refinery began production in 2024 and has since become a supplier of refined fuel in Nigeria and abroad, with the country becoming a net exporter of refined fuel.
The offering has attracted strong interest from potential retail investors, but questions remain over its valuation and the financial requirements needed to support the proposed expansion. The supplied reports give different figures for the refinery’s valuation and current operating capacity, so those figures remain unsettled.