By Ghazali Ibrahim
Nigeria’s Dangote Refinery is set to open its highly anticipated initial public offering (IPO) within the next 10 to 12 days, offering Nigerians and other investors an opportunity to buy into Africa’s largest refinery.
Dangote Group President, Aliko Dangote, disclosed the timeline while speaking to investors in Botswana, saying the refinery’s share sale would commence within days.
The announcement suggests that the IPO could open around September 14, 2026.
The proposed listing has attracted significant attention after earlier reports indicated that Dangote Refinery was targeting about $5 billion from the transaction, potentially making it Africa’s largest IPO.
However, a Reuters report published on Friday said the current plan is to raise approximately $1.5 billion, with the refinery expected to offer about 4.1 billion shares at ₦525 per share.
The offering is also expected to include a 15 per cent greenshoe option, which could allow the company to raise additional funds if demand exceeds the initial offer.
The funds are expected to support Dangote’s ambitious plan to expand the refinery’s capacity from its current 650,000 barrels per day to 1.4 million barrels per day.
Dangote has said the expansion would significantly increase the facility’s ability to supply refined petroleum products to Nigeria and international markets.
The refinery, located in Lagos, reached its full 650,000-barrel-per-day capacity in February 2026 and has become a major supplier of refined petroleum products in Nigeria and across international markets.
The IPO is expected to be listed on the Nigerian Exchange and would represent a major opportunity for Nigerian investors to take ownership in one of the country’s most strategically important industrial projects.
With Dangote confirming that the offer will open within days, attention is now shifting to the final prospectus, subscription details and the conditions under which Nigerians will be able to purchase the refinery’s shares.
