The Dangote Refinery IPO, Africa’s biggest share sale, opened on 14 September 2026 with 4.1 billion shares at 525 naira each. A full subscription raises 2.15 trillion naira, about $1.6 billion, for 3.3% of the Nigerian company. That prices the Lagos refinery near $49 billion, against roughly $40 billion in a July private placement.
It is the largest initial public offering ever attempted in Africa by money raised. It runs until 13 October 2026, with a listing on the Nigerian Exchange expected in November. Nigeria’s Securities and Exchange Commission cleared the offer documents before the order book opened.
As of 15 September 2026, the offer was in its second day and no final subscription figure had been published. All the naira-to-dollar conversions below use the rate implied by the offer itself, roughly 1,340 naira to the dollar; Nigeria’s currency moves daily, so the dollar figures are approximate.
What Dangote Is Selling, and on What Terms
The company is selling new shares, not existing ones, so the money goes to the refinery rather than to its owner. Aliko Dangote, the Nigerian industrialist who built the plant, keeps working control either way.
| Term | Detail |
|---|---|
| Shares on offer | 4.1 billion new ordinary shares |
| Offer price | 525 naira a share (about $0.40) |
| Target raise | 2.15 trillion naira, about $1.6 billion |
| Stake being sold | 3.30% of the enlarged share capital |
| Minimum application | 10 shares, 5,250 naira (about $4) |
| Offer period | 14 September to 13 October 2026 |
| Listing | Nigerian Exchange, expected November 2026 |
| Lead issuing house | Vetiva Advisory Services |
Nigeria’s Securities and Exchange Commission registered the company’s 120.13 billion existing ordinary shares alongside the new ones, according to reporting on the approval letter sent to Vetiva. Added to the 4.1 billion on offer, that gives about 124.23 billion shares in issue and a value at the offer price of roughly 65.22 trillion naira.
The offer document also allows the company to issue up to 30% more shares than the base size if the book is over-subscribed, subject to regulatory approval. That over-allotment option had not been exercised as of 15 September 2026.
Accounts of how much Aliko Dangote keeps differ. Nairametrics, citing the offer document, put his retained holding at 84.34%. Agence France-Presse reported about 87%. The figure both agree on is the free float: 3.3% of the company will trade publicly after the offer.
Why the Price Is the Argument
The single clearest way to judge the offer price is against what professional investors paid nine weeks earlier. In July 2026 the refinery completed a private placement that raised $2.5 billion for a stake reported at about 6%, valuing the company near $40 billion. That round was 3.7 times over-subscribed.
The September offer asks retail buyers to accept a valuation near $49 billion for the same asset. Outlets differ on the exact figure, with OilPrice and Tekedia reporting about $47 billion and Agence France-Presse, Reuters and CNBC Africa reporting about $49 billion; the spread comes from which naira rate each uses.
The second comparison is against what the plant cost to build. Agence France-Presse puts the construction bill at about $19 billion and CNBC Africa at about $20 billion. Either way, the offer values the refinery at roughly two and a half times what it cost to build, before the planned expansion is paid for.
Aliko Dangote has framed the sale as a public one. “We are all going to fully share all our prosperity with the people and that is why we call it the people’s IPO,” he told Agence France-Presse as the offer opened.
Not everyone accepts the framing. Joachim McEbong, an analyst at the consultancy Control Risks, told the agency: “It is not something someone can classify as people-driven if you still own 87 percent of the refinery.” Abdulkabeer Tijani, a Lagos-based researcher who invests in Nigerian stocks, said the price means the refinery “needs to generate very substantial profits and cash flow consistently” to justify itself.
What the Refinery Earned Before the Offer Opened
The case for the price rests on a first half that transformed the company’s numbers. The refinery reported profit after tax of 2.55 trillion naira, about $1.82 billion, for the six months to 30 June 2026, against a loss for 2025.
- Revenue: about 19.13 trillion to 19.47 trillion naira, roughly $13.9 billion, in the first half of 2026, with outlets reporting slightly different figures.
- EBITDA: about $2.60 billion, or roughly 3.64 trillion naira. EBITDA is earnings before interest, tax, depreciation and amortisation, a rough measure of cash generated by operations.
- Average utilisation: 83.6% in the first half of 2026, up from about 45% at the start of the year.
- Gross refining margin: $24.50 a barrel in the first half of 2026, against $13.70 a barrel in 2025.
Those margins were not earned in a calm market. The refinery sold jet fuel into Western Europe while Middle East supply routes were disrupted, a period in which tanker traffic through the Strait of Hormuz collapsed and Brent crude touched $99 a barrel after attacks on Saudi energy facilities. A refining margin of $24.50 a barrel is a reading from an unusual half-year, not a standing rate.
The plant’s nameplate capacity is 650,000 barrels a day. Performance testing reached 700,000 barrels a day in June 2026, which is why some reports describe it at the higher figure.
Who Can Subscribe, and Through Which Channels
The offer is sold through Nigerian channels, and that is the practical limit on who can take part. Applications go through stockbrokers and investment apps registered with Nigeria’s Securities and Exchange Commission, or through the Nigerian Exchange e-offering portal.
Nigerian brokers handling the offer, including Bamboo and Chapel Hill Denham, say an applicant needs a Bank Verification Number, a Nigerian bank account and a Central Securities Clearing System account number. Payment is due in full when the application is made. The minimum is 10 shares at 5,250 naira, with further applications in multiples set out in the prospectus.
Reporting has described the sale as aimed at retail investors across Africa, and the company has said it hopes to reach up to 10 million of them. The material reviewed for this article does not set out a separate route for investors outside Nigeria. The refinery’s own offer portal at ipo.dangote.com and the prospectus registered with the commission are the authoritative statements of who may apply and how.
What the Money Buys and What Happens Next
The proceeds are earmarked for expansion rather than for paying down existing debt. The company has set out a $14.3 billion programme to double throughput to 1.4 million barrels a day, which would make it the largest single refinery in the world, ahead of Reliance Industries’ Jamnagar complex in India.
The completion date is not settled in the public reporting. Bloomberg reported a 2028 target; CNBC Africa and OilPrice reported 2029. The company has not published a date that could be verified against a filing.
Three things are fixed. The offer closes on 13 October 2026. Allotment and the return of unsuccessful application money follow after that. The shares are expected to begin trading on the Nigerian Exchange in November 2026, though no listing date has been published.
Three things are not. Whether the book is fully subscribed, whether the 30% over-allotment is exercised, and what the shares do once they trade against a 3.3% free float, which is small enough that modest buying or selling can move the price sharply.
Dangote Refinery IPO: Frequently Asked Questions
When Does the Dangote Refinery IPO Close?
The offer opened on 14 September 2026 and closes on 13 October 2026. The shares are expected to list on the Nigerian Exchange in November 2026, though no listing date had been published as of 15 September 2026.
What Is the Minimum Application?
Ten shares at 525 naira each, a total of 5,250 naira, or about $4 at the rate implied by the offer. Larger applications must be in the multiples set out in the prospectus.
Can Investors Outside Nigeria Take Part?
The application channels described by Nigerian brokers and the Nigerian Exchange e-offering portal require a Bank Verification Number, a Nigerian bank account and a CSCS account number. The company’s offer portal and the registered prospectus are the authoritative source on eligibility for anyone outside Nigeria.
What Valuation Does the Offer Price Imply?
At 525 naira a share across about 124.23 billion shares, roughly 65.22 trillion naira, or about $49 billion depending on the exchange rate used. A July 2026 private placement valued the company near $40 billion.
How Much of the Company Is Being Sold?
3.30% of the enlarged share capital. Aliko Dangote’s retained holding was reported at 84.34% by Nairametrics, citing the offer document, and at about 87% by Agence France-Presse.
