The Dangote Group is set to establish the largest equity cluster on the Nigerian Exchange (NGX), with its listed companies projected to have a combined value of about N83.5 trillion following the listing of Dangote Petroleum Refinery.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed this on Monday during the Facts Behind the Offer presentation for the $2.15 billion Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE.
Under the offer, 4.1 billion ordinary shares are being offered at N525 per share, with investors required to subscribe to a minimum of 10 shares valued at N5,250.
At the offer price, independent analysis puts the refinery’s implied market capitalisation at approximately N65.22 trillion.
“With Dangote Cement and Dangote Sugar Refinery already listed, the addition of the refinery means the listed Dangote companies could represent an equity cluster of approximately N83.5 trillion on the Nigerian Exchange,” Dangote said.
Market operators at the event described the transaction as the biggest in the history of Nigeria’s capital market and one of the largest equity offerings in Africa.
Dangote said the decision to take the refinery to the public market fulfilled a commitment he made several years ago to expand ownership once the project became fully operational.
“Our ambition is to reach as many as 10 million investors. The target includes teachers, civil servants, artisans, students, pension funds and members of the Nigerian diaspora,” he said.
He described the IPO as more than a fundraising exercise, saying it represented a move from a culture of consumption towards broader ownership.
“Today, we are not merely offering shares. We are offering an opportunity to participate in a transformational chapter of Nigeria’s economic history,” he said.
Dangote said the refinery was established to help transform Nigeria from a major importer of petroleum products into a major refining and export centre, adding that the objective had now become a reality.
He also disclosed the financial performance of the refinery, saying it generated approximately N19.47 trillion, equivalent to $13.91 billion, in revenue during the first six months of 2026.
Profit after tax for the period stood at about N2.55 trillion, or $1.82 billion.
The Chief Executive of Dangote Petroleum Refinery, Davide Bird, said the facility had become the largest single supplier of refined petroleum products to Europe and had maintained three years of what he described as “sustained, safe, and reliable operations.”
Bird recalled that the refinery processed its first crude in December 2023 and was now approaching the end of 2026.
He said audited first-half 2025 revenue exceeded $1 billion, while the company had more than $4 billion on its balance sheet as of the end of June.
Bird added that the refinery was on course to become the world’s largest integrated refinery and petrochemical complex under the company’s Vision 2030.
He said the expansion plan includes deploying 10,000 CNG trucks across four countries and investing in regional distribution infrastructure.
Chairman of NGX Group, Alhaji Umaru Kwairanga, described the transaction as “Africa’s biggest Initial Public Offer” and said it would test the capacity of Nigeria’s capital market.
According to him, the $2.15 billion offer would demonstrate the ability of the Nigerian capital market to support businesses operating at significant scale.
“African development will require deeper capital markets. It is a demonstration that Africa can, and must, be developed by Africans.”
Lagos State Governor, Babajide Sanwo-Olu, described the listing as the largest offer on the African continent at the time of the event.
“This is changing the landscape of what is possible in Africa. It is saying Africa can fund and invest in Africa,” he said.
He said the listing would create investment opportunities for people across different parts of society, from market traders to technology entrepreneurs and farmers.
The Chief Executive of the Botswana Stock Exchange, Kesegofetse Molatlhegi, said Africa’s fundamental challenge was not a lack of resources but the inability to effectively convert its resources into economic value.
“I want to congratulate Aliko Dangote for the audacity to show the world that African ambition can be built at a scale that can change the world,” she said.
She urged Dangote to ensure that the ownership and benefits of the business extend across Africa, from Gaborone to Nairobi.
