Nigerian billionaire Aliko Dangote is taking his landmark Dangote Petroleum Refinery and Petrochemicals to the capital market in a major fundraising drive aimed at raising at least U$2.1 billion to finance the expansion of the refinery’s operations.
Dangote said the share offering will open an opportunity for ordinary Nigerians and other African investors to own a stake in one of the continent’s largest industrial projects.
The offer is scheduled to run from September 14 to October 13, 2026, with the company expected to begin trading on the Nigerian Exchange in November.
The move marks a significant step in the evolution of the Dangote refinery, which has been positioned as a major contributor to Nigeria’s ambition to reduce its dependence on imported petroleum products and strengthen its domestic refining capacity.
Africa’s biggest refinery
Located in Lekki, Lagos, the Dangote refinery has a production capacity of about 650,000 barrels of crude oil per day, making it the largest single-train refinery in Africa and one of the largest in the world.
The multi-billion-dollar complex was developed by the Dangote Group and includes facilities for refining crude oil and producing products such as petrol, diesel, aviation fuel and petrochemical feedstocks.
Since beginning operations, the refinery has increasingly supplied refined petroleum products to the Nigerian market while also targeting export markets across Africa and beyond.
Dangote has repeatedly argued that large-scale African industrial projects can help the continent reduce its reliance on imported products, retain more value locally and create jobs.
The planned capital raising is therefore expected to provide additional resources to increase the refinery’s capacity and strengthen its operations as it seeks to serve a growing regional market.
Opening ownership to African investors
Dangote said the public offering is also intended to broaden ownership of the refinery by allowing Nigerians and other African investors to participate in its growth.
The move could transform the refinery from a project largely associated with the Dangote Group into a more widely held African industrial asset, giving retail investors an opportunity to participate in its future performance.
The fundraising comes at a time when African countries are seeking to attract greater private investment into energy infrastructure and reduce exposure to volatile international fuel markets.
For Nigeria, the refinery is particularly strategic because the country is one of Africa’s largest oil producers but has historically relied heavily on imported refined petroleum products because of inadequate domestic refining capacity.
The capital-market listing could consequently strengthen Dangote’s ability to expand production while giving investors access to an asset at the centre of Nigeria’s energy and industrial ambitions.
