Dangote Petroleum Refinery & Petrochemicals FZE has initiated the largest IPO in African history. The company is offering 4.1 billion new ordinary shares at a price of 525 naira, or approximately $0.40 per share. The offering aims to raise $1.6 billion, with the potential to reach $2.1 billion if a 30% greenshoe option is exercised.
The post-offer valuation of the company is estimated between $47 billion and $50 billion. If achieved, this would make it the most valuable company listed on any African stock exchange. The shares are expected to begin trading on the Nigerian Exchange main board by late November 2026.
The capital raised will support a $14.3 billion expansion project. The goal is to double the refinery's crude processing capacity from 700 000 barrels per day to 1.4 million barrels per day by 2029. The facility, located in the Lekki Free Zone near Lagos, currently supplies gasoline to Nigeria and exports petroleum products.
In the first half of 2026, the refinery reported a net profit of $1.82 billion on revenues exceeding $13 billion. The offering is targeted at retail investors, with a minimum purchase requirement of 10 shares, equivalent to about $4. The company plans to pay dividends in US dollars to help mitigate local currency risks for investors.
