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The Dangote Petroleum Refinery and Petrochemicals company is offering 4.1 billion shares at 525 naira each in the initial public offering that opened Monday on the Nigerian Exchange, according to a Reuters report. The transaction values the refinery at approximately $47 billion to $49 billion, a significant increase from the $40 billion valuation set in a July private placement that raised $2.5 billion. Company officials indicated the minimum investment has been set at 10 shares, equivalent to roughly $4, to encourage broad participation from retail investors across the country.
Aliko Dangote, who maintains control of more than 84 percent of the company following the offering, has described the share sale as a way to democratise wealth creation in Nigeria. The refinery, constructed at a cost of $20 billion over more than a decade, began operations in 2024 and reached full capacity of 700,000 barrels per day this year, a company prospectus showed. It now supplies more than 70 percent of Nigeria’s refined petroleum products, helping the country reduce its reliance on imported fuel according to industry data.
Proceeds from the share sale will support an expansion project designed to double refining capacity to 1.4 million barrels per day by the end of the decade. Dangote told reporters that the additional funds would also strengthen the company’s financial position amid growing regional demand for its products. A recent surge in earnings linked to supply disruptions from the conflict in the Middle East has already allowed the refinery to export jet fuel to European markets, Reuters reported.
Forbes data places Dangote’s net worth above $50 billion following the private placement that boosted the refinery’s valuation and increased his personal fortune by $20 billion. The private placement was oversubscribed, drawing demand that exceeded the amount raised and leading to some funds being returned to investors. This public phase of the offering follows that successful institutional round and targets up to 10 million shareholders according to Dangote Group statements.
One retail investor, Isah Salisu, told the BBC he withdrew 50,000 naira from his savings to purchase shares. “My hope is that my small money will one day grow big. I don’t want to miss out as many I know are also investing,” Salisu said. Many other Nigerians have expressed similar enthusiasm for participating in the share sale that Dangote has marketed as a people’s IPO.
Dangote has indicated plans for a possible secondary listing of the refinery on a United States exchange within three to four years to attract international capital. The company reported a net profit of $1.82 billion in the first half of 2026 on revenue exceeding $13 billion, a sharp turnaround from a loss the previous year, according to the offering prospectus. Trading in the new shares is scheduled to begin in late November following the close of the offer on October 13.
