Aliko Dangote is targeting about $1.6 billion in what is poised to become Africa’s largest initial public offering, using the proceeds to expand his Lagos-based refinery, which began operations in 2024.
The Dangote Petroleum Refinery plans to double capacity to 1.4 million barrels a day by 2028. That expansion would make it the world’s largest refinery, overtaking India’s Jamnagar facility. Dangote described the IPO as “not simply about listing a company; it is about listing a new possibility for Nigeria, and for Africa”.
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Dangote is also inviting ordinary Nigerians to take part by offering shares in small quantities. He says the listing could widen public ownership and help reduce Africa’s reliance on imported refined fuel. The company is also seeking to expand its operations into other African countries.
