President of the Dangote Group, Aliko Dangote, has assured investors that Dangote Petroleum Refinery and Petrochemicals FZE will become the largest company in Africa by the end of December 2026.
Dangote gave the assurance on Monday at the Nigerian Exchange (NGX) trading floor in Lagos while delivering his opening address at the refinery’s Initial Public Offering (IPO) ceremony.
The IPO, which opened on September 14, 2026, comprises 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is expected to close on October 13, 2026, subject to the terms contained in the Prospectus. It is open to retail, institutional and eligible African investors as the company seeks to broaden public ownership and deepen participation in Nigeria’s capital market.
Dangote urged members of the public to participate in the offer, saying the investment could provide significant future value.
“The IPO is about making sure that we invite the public so that they can get part of the investment. Most likely, people don’t even know what they are buying. But I can tell you. Everything is in the hands of God, but by the end of this year, this is going to be the largest company in Africa, not in Nigeria. So you are buying a future where the company will be way ahead of a lot of seven companies. Don’t let the train leave you at the station.
“However, we believe that a project of this magnitude should not create value for only a few people. Not only for Nigerians. The IPO provides an opportunity for teachers, civil servants, people who even have their children abroad, to now have the confidence of keeping them abroad, so that even when there is devaluation, they will continue to pay their school fees because you will be getting your dividends in dollars.”
He said the refinery’s public offering was designed to enable ordinary Nigerians and other investors to participate in the wealth being created by the project.
Dangote explained that the decision to list the refinery and launch the IPO was not primarily aimed at raising funds, but at expanding ownership of the business.
“Today is not about listing a company but about listing a company for Nigerians, for Africa and for the black race.
“Today we formally open the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, and we are inviting Nigerians, Africans, Caribbeans, Europeans, Americans, Chinese, and everybody across the world to become shareholders in one of the world’s and Africa’s most transformational industrious project.
“This moment represents the fulfillment of a commitment I made several years ago: that when the refinery becomes fully operational, of sustainable value, and de-risked investment- because we don’t want people to risk their money- when people risk and lose their money, our image will be dented. That is why what we are selling to the people is what their generations can benefit from. That is why the ownership of the refinery is brought to the people to allow them to share in the prosperity that we have created and we will continue to create.
“The primary purpose of making this offer is to democratise wealth creation. If it is the question of raising money, I think we have raised more than what we need as a group to execute all our projects. So far, we have $46 billion in the pipeline to invest and expand our various businesses to take us to our Vision 2030, and I think we are on track, and we will keep tracking ourselves to make sure we remain on track.”
The public offer is expected to raise approximately N2.15 trillion. The funds are expected to support the refinery’s long-term expansion plans, strategic investments and continued operations.
Dangote said the group had already raised significant funding through an earlier private placement and had met its immediate financing requirements.
“The real purpose of this fund is that when we did the private placement, we wanted to sell $2.5 billion. The IPO was $1.5 billion, and the private placement was $1 billion. We went in for $1 billion, and it was very encouraging working to meet the demand. And we even insisted that everybody should go and even insisted everyone should go and pay in dollars. We refused to collect currencies other than dollars. And we had to allocate and reallocate.
“I remember that myself, Marat, Chuka, Bolaji, during the process ended up returning a lot of applications amounting to $1.2 billion, and we took only $2.5 billion. So $2.5 billion is a lot and exactly what we plan to do for Africans to expand the business and take it to the next level. So with the private placement, we have already met all our demands,” he said.
The company said eligible investors can participate through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, in accordance with the Prospectus.
The IPO gives investors an opportunity to acquire a stake in the Dangote Refinery, which has been described as Africa’s largest refinery and one of the continent’s most significant industrial projects.
Source: Dangote Industries Limited
