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Home Energy

All set for Dangote Refinery’s $5bn IPO about September 15 – Dangote says

by Ben Eguzozie
September 4, 2026
in Energy, Frontpage
All set for Dangote Refinery's $5bn IPO about September 15 - Dangote says
• Refinery to expand to 1.4m bpd
 
Baring any unforeseen circumstances, the much-awaited Dangote Refinery’s initial public offering (IPO) will open at the Nigerian Exchange Group (NGX) on or about September 15, according to Aliko Dangote, billionaire owner of the refining facility in an interview with Reuters.
“The IPO will open in the next 10 to 12 days,” Dangote, Africa’s richest man and founder of Dangote Petroleum Refinery and Petrochemicals (DPRP), said to investors.
The IPO plans to raise $5 billion.
This comes after the refinery raised $2.5 billion through its private share placement, confirmed in July 2026. Offered at $0.35 per share with a minimum subscription of 1 million shares ($350,000) for investors. Total market demand surpassed expectations, drawing roughly $4 billion in investor interest before closing. The placement valued the 650,000-700,000-barrel-per-day facility at approximately $40 billion.
The refinery also secured an additional $1 billion underwriting program (including a $600 million funded tranche and $400 million in commitments) coordinated by Marob Strategies and Lilium Capital to support the upcoming IPO process.
Dangote also informed of the refinery’s expansion plan which will double its current 700,000 barrels per day (bpd) – to 1.4 million bpd.
“…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,” Dangote told Reuters on Thursday.
The refinery achieved its 650,000 bpd nameplate capacity in February this year, and later successfully tested 700,000 bpd refining capacity.
Later in October, Dangote Refinery will kick off its East African mega refinery and petrochemicals facility on Kenya’s Lamu coast, estimated to cost $17 billion (or Ksh2.2 trillion). The refinery will supply refined products to Kenya and its East African neighbours: Tanzania, Uganda, and Rwanda, among others.
Construction is targeted to begin around October 2026 and finish in under four years. Funding structure is planned as a mix of 30 percent equity and 70 percent debt. It is expected to refine 700,000 barrels of crude oil per day.
Kenya has been offered a 10 percent stake valued at $500 million (about Ksh64.74 billion). The government said the project is estimated at $20 billion (about Ksh2.59 trillion).
Dangote Group offered East African countries a combined 30 percent equity stake valued at $1.5 billion (about Ksh194.21 billion). Ethiopia and Rwanda also expressed interest in the proposed 30 percent share for East African countries.
Meanwhile, Dangote spoke of a secondary listing of his Dangote Cement, on the London Stock Exchange in October.
The listing could open up the cement factory to international investors and offshore capital.
Ben Eguzozie
Ben Eguzozie
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