Dangote refinery prepares major IPO to fund expansion

Nigeria’s Dangote refinery is preparing to go public in what could become Africa’s biggest-ever share sale, as the company seeks funding to more than double its production capacity.

The refinery, owned by Africa’s richest man Aliko Dangote, is expected to raise around 1.6 billion dollars through the initial public offering. Nigeria’s Securities and Exchange Commission has approved the sale of 4.1 billion shares.

The funds will help finance plans to increase refining capacity from 650,000 barrels per day to 1.4 million, potentially making the facility the world’s largest refinery.

Built at a cost of around 20 billion dollars, the Lekki-based refinery reached full capacity earlier this year and has become a major supplier of refined petroleum products in Nigeria and across international markets.

The IPO order book is expected to open on September 14, with the formal signing of the listing documents taking place Monday.

For Dangote, the stock market debut is not only about raising capital — it is also aimed at bringing more investors into one of Africa’s most ambitious industrial projects.