Dangote Refinery IPO To Open In 12 Days, Targets $5bn Raise

The Initial Public Offering (IPO) of the Dangote Refinery will open within the next 10 to 12 days.
Based on this timeline, the offering is likely to officially begin around September 15, 2026.
According to Reuters, the group president of Dangote Industries, Aliko Dangote disclosed this on Thursday while speaking to investors and analysts in Botswana during a visit to the Southern African country.
Dangote said the IPO is expected to raise about $5 billion, potentially making it the largest public offering in Africa.
“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 said.
The 650,000 barrels per day refinery reached full nameplate capacity in February 2026 and has since tested production at 700,000 barrels per day.
Dangote said proceeds from the IPO will fund the expansion of the refinery and its petrochemical complex, positioning the facility as a major supplier of refined petroleum products to African and international markets.
The IPO comes months after the refinery secured $2.5 billion through a private placement in July.
The company said the transaction was subscribed 3.7 times and that proceeds would support ongoing expansion.
Last month, it also secured a $400 million underwriting commitment from Marob Strategies and Consulting DIFC Limited and Lilium Capital Group, appointed as co-financial advisers.
According to the Information Memorandum released earlier, the Dangote Refinery is valued at $39.1 billion.
The refinery has benefited from stronger refining margins amid disruptions in the global oil market, particularly as tensions in the Middle East have increased demand for alternative fuel supplies.
Dangote also disclosed plans for a secondary listing of Dangote Cement Plc on the London Stock Exchange in October.
He said the listing is expected to broaden the cement company’s access to international investors and provide greater exposure to global capital markets. Dangote Cement is currently listed on the Nigerian Exchange.
The Group president announced plans to begin construction of a new refinery in Kenya in partnership with East African governments, saying construction is scheduled to commence on September 30 and is expected to take up to three years to complete.
The Kenya refinery will supply refined petroleum products to Kenya and neighbouring countries, and is expected to help reduce East Africa’s dependence on imported refined fuels. It will represent the Dangote Group’s largest refining investment outside Nigeria.
The chief executive officer, Dangote Refinery, David Bird, said the company will not pursue a foreign stock market listing for at least three years.
He explained that the priority is the Nigerian IPO and that the refinery wants to establish a stronger operating and financial track record before entering international capital markets.

SOURCE: LEADERSHIP NEWS PAPER

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