Aliko Dangote’s oil refinery enters the final week of a share sale set to become the largest initial public offering in African history, with the offer closing on 13 October and trading on the Nigerian Exchange expected to begin in November.
The company is offering 4.1 billion shares at ₦525 each. The sale would raise $1.6bn (R26.6bn) if fully subscribed, or as much as $2.1bn (R34.9bn) if the greenshoe option is exercised, and values the refinery at roughly $47bn (R780bn).
That price is a step up from July, when a $2.5bn (R41.5bn) private placement led by the Africa Finance Corporation, reportedly 3.7 times oversubscribed, sold around 6% of the company at a valuation of roughly $40bn (R664bn).
| Dangote Refinery: key figures | US$ | Rand |
|---|---|---|
| H1 2026 revenue | $13.91bn | R230.9bn |
| H1 2026 EBITDA | $2.60bn | R43.2bn |
| H1 2026 profit after tax | $1.82bn | R30.2bn |
| FY2025 result | –$476m | –R7.9bn |
| Borrowings (30 June 2026) | $5.67bn | R94.1bn |
| Dangote stake after offer | 87.27% → ~84.39% |
The turnaround in earnings underpins the pitch. The first-half profit marks a reversal from the 2025 loss as the refinery moved into full commercial operation, helped by an estimated gross refining margin of $30.70 (R509.60) a barrel, up from $13.70 (R227.40) in 2025, according to CardinalStone. Supply disruptions linked to the Iran war lifted demand for its jet fuel across Africa and Europe.
The scale is unusual for the continent. Safaricom’s 2008 listing in Kenya raised about $800m (R13.3bn), while Airtel Africa’s 2019 dual listing in London and Lagos raised about $750m (R12.5bn). The debut is being watched as a test of whether Nigeria’s market can absorb an offering of that size.
Dangote has aimed the sale at ordinary Nigerians. The minimum purchase is 10 shares, or ₦5,250, and the offer targets up to 10 million shareholders. NGX chairman Umaru Kwairanga reported more than ₦10bn in subscriptions within hours of the 14 September opening. For the first time, eligible international investors can take part without a Nigerian bank account.
The company has also protected itself against weak demand. It lined up a $1bn (R16.6bn) underwriting programme, including a $400m (R6.6bn) commitment tied directly to the IPO.
Proceeds will go towards a $14.3bn (R237.4bn) expansion that would double capacity to 1.4 million barrels a day, which would overtake India’s Jamnagar as the world’s largest refinery. Ambitions reach beyond Nigeria. Dangote is in talks to build a $17bn (R282.2bn) refinery on Kenya’s Lamu Island, offering equity stakes to East African governments. He has also raised the prospect of a secondary US listing within three to four years, and the JSE has confirmed talks with the group.
Risks remain. With Dangote keeping about 84% of the business, the free float will be thin, and doubling the world’s largest single-train refinery on schedule is not guaranteed. Allotment is expected around 11 November, with listing likely in early December if the timetable holds.