President of Dangote Industries Limited, Aliko Dangote, has projected that the Dangote Petroleum Refinery and Petrochemicals FZE will become Africa’s largest company by the end of 2026.
Dangote made the projection on Monday, September 14, 2026, at the Nigerian Exchange (NGX) in Lagos during the formal opening of the refinery’s Initial Public Offering (IPO).
The offer comprises 4.1 billion new ordinary shares at N525 each, with a minimum subscription of 10 shares costing N5,250. It opened on September 14 and closes on October 13, 2026.
The IPO is expected to raise about N2.15 trillion and represents roughly a 3 per cent stake in the refinery, implying a valuation of about N63 trillion at the offer price.
Dangote said the offer was designed primarily to broaden ownership of the refinery and allow Nigerians and other eligible investors to participate in its growth, rather than address a funding shortfall.
He disclosed that the Dangote Group has about $46 billion in projects and expansion plans in its pipeline under its Vision 2030 strategy.
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The businessman also said the group had previously raised $2.5 billion through a private placement after demand exceeded the amount offered.
The IPO is open to retail and institutional investors as well as eligible African investors.
The refinery currently processes 700,000 barrels of crude per day and plans to double capacity to 1.4 million barrels per day. Proceeds from the offer will support expansion and other strategic investments.
The transaction adds to a series of landmark developments in Nigeria’s capital market. MTN Nigeria’s 2019 listing by introduction was one of the exchange’s major large-cap listings, although it did not involve a fresh public share offer.
The Dangote IPO, which offers new shares to investors, marks a significant step towards wider public ownership of the Lagos-based refinery, which commenced operations in 2024.
Investors have until October 13 to subscribe as Dangote pursues his ambition of making the refinery Africa’s largest company by year-end.