What is the size, pricing, and timeline of Dangote's IPO, and who approved it?

Dangote Petroleum Refinery and Petrochemicals FZE is offering 4.1 billion shares at 525 naira ($0.40) each to raise $1.6 billion—the largest IPO in Nigeria’s history. The offering opens on September 14, and Nigeria’s Securities and Exchange Commission approved the sale on the same day, as confirmed by Director-General Emomotimi Agama.

What is the valuation of the refinery, and how will the IPO proceeds be used?

The IPO values the Dangote Petroleum Refinery at approximately $49 billion, according to company-provided data. The funds raised will support a near-doubling of the refinery’s capacity from 700,000 barrels per day, expanding its ability to meet domestic demand and export refined petroleum products globally.

Dangote Seeks to Raise $1.6 Billion in Nigeria’s Biggest IPO

Sep 4, 2026

Dangote Group initiates Nigeria's largest IPO to raise $1.6 billion for its continent-largest oil refinery, valued at $49 billion. Funds will support doubling plant capacity to satisfy domestic demand and boost export volumes.

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