Aliko Dangote confirmed on September 3, 2026, that the long-anticipated Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals will open within the next 10 to 12 days (targeting September 14, 2026).
“So, our dream is that we want to make sure we double the capacity of the refinery … which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” Dangote told investors and analysts in Botswana, while visiting the Southern African country.
The offering aims to raise $1.5 billion, Reuters reported establishing it as one of the largest equity listing in African capital markets history.
The transaction follows a $2.5 billion private placement closed in July (subscribed 3.7 times) and a $400 million underwriting commitment secured from Marob Strategies and Lilium Capital Group.
Primary proceeds will fund the expansion of the Lekki complex from its 700,000 bpd operational baseline to 1.4 million bpd (~1.4% of global processing capacity), as well as kickstart construction on a planned $16B–$17B refinery in Lamu, Kenya set to break ground on September 30.
The move is also expected to attract more funds into the country’s energy sector: The International Energy Agency head said the country could double its investment in five years as nations seek trustworthy partners after the fallout of the Iran war.
Strategic Rationale & Market Impact
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Capital Deployment & Market Valuation: Based on the $39.1 billion enterprise valuation established in the regulatory information memorandum, a $1.5 billion float may represent approximately 4.4% of equity, according to MoneyCentral’s estimates, assuming $5 billion of debt. Proceeds will be split between double-capacity processing units in Lagos and regional capital allocations for the East African pipeline.
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NGX Liquidity & Index Acceleration: The listing will significantly increase total market capitalization on the Nigerian Exchange (NGX). The liquidity arrival coincides with Nigeria’s readmission into the FTSE Russell Frontier Market Index on September 21, positioning the new shares to capture immediate passive institutional portfolio flows.
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Secondary Capital Market Actions: In parallel with the refinery offering, the group confirmed that Dangote Cement Plc is finalizing documentation for its planned secondary listing on the London Stock Exchange (LSE) targeted for October 2026, broadening the conglomerate’s international equity access.
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