Dangote Petroleum Refinery is planning a retail-focused initial public offering, IPO, in October 2026, in a move that could become one of the largest stock market listings in Africa.
The refinery’s Chief Executive Officer, David Bird, said the planned offering is designed to encourage broad participation by Nigerian investors. He described the proposed IPO as a “people’s IPO”, reflecting the company’s aim of allowing more Nigerians to invest in its growth.
The company has submitted an application for a proposed $5 billion IPO to Nigeria’s Securities and Exchange Commission, according to a source familiar with the plans. However, the final size of the public offering has not yet been decided and remains subject to the regulatory process.
Focus on Nigerian Investors
Unlike some major African companies that seek an immediate international listing, Dangote Refinery is focusing first on the Nigerian market.
Bird said the company does not plan to pursue a foreign listing for at least three years. The refinery wants to establish a stronger record of production and financial performance before considering an overseas listing, which could potentially support a higher future valuation. London has been mentioned as one possible future market.
Investor interest in the refinery has already been strong. A $2.5 billion private placement completed in July was reportedly 3.7 times oversubscribed and valued the refinery at about $40 billion. The strong response has increased attention around the planned IPO.
Plans to Expand Refining Capacity
The planned IPO is expected to support the company’s ambitious expansion plans.
Dangote Refinery currently has a refining capacity of about 650,000 barrels per day and aims to double this to 1.4 million barrels per day within three years. The expansion is expected to be financed partly through funds raised from the IPO and additional debt.
The refinery has become increasingly important to Nigeria’s energy sector. It currently supplies most of the country’s gasoline and diesel needs, as well as all of its jet fuel demand, according to the company.
Recent geopolitical disruptions have also created new export opportunities. Bird said the refinery became Europe’s largest supplier of jet fuel in June and July as buyers looked for alternative supplies .
A Major Test for Nigeria’s Capital Market
If the IPO goes ahead as planned, it could represent a significant moment for Nigeria’s capital market and give retail investors an opportunity to own shares in one of Africa’s largest industrial projects.
The final size, valuation and number of shares to be offered have not yet been confirmed. Investors will also be waiting for regulatory approval and further details expected ahead of the proposed October listing.
For now, preparations remain on schedule, according to the refinery’s CEO, with the planned public offering attracting strong attention from investors.
