Dangote Oil Refinery is preparing to offer shares to the public in October 2026 through a planned $5 billion Pan-African Initial Public Offering (IPO), in what could become one of the biggest fundraising exercises ever recorded on the continent’s capital markets.
Sources familiar with the arrangement disclosed that the share sale is expected to attract investors from Nigeria and other parts of the world, while providing funds to support the refinery’s growth plans, settle financial commitments and expand ownership opportunities across Africa.
The company is presenting the IPO as a continent-wide investment opportunity, designed to encourage participation from investors across African markets and boost funding opportunities within the energy industry.
Advisers managing the transaction are still developing the framework for how investors from different African countries will participate. Discussions are focused on whether some markets will receive specific share allocations or whether all investors will compete through a general subscription process based on demand.
At the moment, there are no confirmed plans to list the refinery’s shares on several African exchanges simultaneously. However, the final structure for distributing the shares could change as preparations for the transaction continue.
The proposed offering is expected to give investors the option of receiving payments or proceeds in either Nigerian currency or United States dollars. This arrangement is aimed at making the investment attractive to both domestic buyers and international participants.
Despite the relatively short preparation period, the planned IPO has already generated considerable attention among investors and financial institutions across Africa.
Several major African stock markets, including those in South Africa, Kenya, Egypt, Ghana and Rwanda, have reportedly held discussions with the refinery’s advisers over possible involvement in the share offering.
A significant portion of the investment could come from Kenya, where local investors may contribute up to $500 million towards the IPO target. The opportunity has reportedly attracted strong interest from institutional investors, particularly pension fund managers.
A source with direct knowledge of the process also revealed that Dangote Petroleum Refinery & Petrochemicals FZE has submitted its application for the IPO to Nigeria’s Securities and Exchange Commission.
The company is expected to obtain regulatory clearance in the coming weeks, after which it will release details of the offering through a formal prospectus expected in September.
Although the company is aiming to raise $5 billion, the final size of the transaction will depend on regulatory approval and market conditions. The main listing is expected to take place on the Nigerian Exchange.
If completed at the targeted value, the IPO would represent a notable share of Nigeria’s stock market, which had a total market capitalisation of approximately $116 billion.
The Dangote Refinery, built with an estimated investment of $20 billion, began commercial production in 2024 and achieved full operational capacity earlier in 2026.
Owned by the Dangote Group, the facility was developed to increase local refining capacity, supply petroleum products within Nigeria and support energy needs across neighbouring African countries.
The project is expected to reduce reliance on imported refined petroleum products and strengthen the region’s energy independence.
The Nigerian National Petroleum Company Limited (NNPC) remains a shareholder in the refinery, holding a stake of slightly above seven per cent.
