President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has described the Dangote Petroleum Refinery IPO as an opportunity for Nigerians and Africans to build long-term wealth by owning shares in one of Africa’s biggest industrial projects.
Speaking at the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) in Lagos, Dangote said the $1.6 billion IPO, which he described as Africa’s largest, goes beyond capital raising to broaden ownership of the refinery.
“The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset,” he said.
The offer comprises 4.1 billion ordinary shares at N525 each, with a minimum subscription of 10 shares valued at N5,250, allowing retail and institutional investors to participate.
Dangote disclosed that the refinery generated about N19.47 trillion in revenue and N2.55 trillion profit after tax in the first half of 2026.
At the offer price, the refinery is expected to have an implied market capitalisation of about N65.22 trillion. Combined with Dangote Cement and Dangote Sugar, the Group’s listed companies could form an equity cluster valued at about N83.5 trillion on the NGX.
NGX Group Chairman, Umaru Kwairanga, described the transaction as a major milestone for Africa’s capital markets, while Lagos State Governor Babajide Sanwo-Olu said it demonstrated Africa’s growing capacity to mobilise capital for major investments.
Dangote said the IPO would enable investors to move from being consumers to owners of the refinery and participate in its long-term growth.
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