Aliko Dangote and his advisory team signed registration documents in Lagos on September 7 for the initial public offering of Dangote Petroleum Refinery & Petrochemicals FZE. The move follows the approval of offer terms by Nigeria’s Securities and Exchange Commission. The order book is set to open on September 14.
The company targets a raise of $1.63 billion. Recent valuations estimate the refinery's worth between $39 billion and $47 billion, while the initial construction cost was approximately $20 billion.
CEO David Bird described the offering as a "people's IPO" to ensure retail investors from Nigeria and Africa can participate. There are no plans for a foreign listing for at least three years, meaning international investors must go through the Nigerian Exchange in Lagos.
The refinery began operations in 2024 after nearly ten years of construction. It currently processes 650,000 barrels per day, with tests reaching 700,000 barrels per day. The IPO proceeds will fund an expansion to double capacity to 1.4 million barrels per day.
