• Africa’s richest man projects group’s market cap to reach $350bn by 2030
•Promises strong returns, generational wealth for investors
• Says company has transformed Nigeria into refining, export hub
•NGX Chair: Offer represents milestone for Africa’s capital markets
•Sanwo-Olu: IPO is watershed moment for continent’s financial markets
•Company to list on US stock exchange in three years
Emmanuel Addeh in Abuja and Peter Uzoho, Kayode Tokede in Lagos
A global investor rush for a stake in Africa’s biggest refinery took centre stage yesterday as the Dangote Petroleum Refinery and Petrochemicals formally opened its N2.15 trillion Initial Public Offer (IPO) in what is shaping up as one of the most consequential transactions in the history of Nigeria’s capital market.
With 4.1 billion shares offered at N525 each, the landmark offer immediately drew intense interest from investors at home and abroad, as Africa’s richest man, Aliko Dangote, sought to open ownership of his flagship industrial project to a much wider pool of investors.
The public offer, which runs from September 14 to October 13, marks the first time the public can directly acquire a stake in the refinery, with President of Dangote Industries Limited (DIL) Alhaji Aliko Dangote, projecting that the group of companies could hit a market cap of $350 billion by the end of 2030.
Dangote, at the opening of the refinery’s IPO on the Nigerian Exchange Limited (NGX) in Lagos, told an excited audience that the $350 billion forecast by 2030 was based on a 10 times price-to-earnings ratio, with the valuation initially represented on the Nigerian Exchange.
Besides, the huge demand for the stock led to interruptions on platforms such as Bamboo and Cowrywise as retail investors rushed to buy shares which have a minimum buy-in of N5,250.
Specifically, Bamboo acknowledged the problem in a post on X, attributing the login difficulties to an unusually high volume of users attempting to access the platform to participate in the Dangote Refinery offer.
“Hey everyone, we’re getting much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app,” the firm said on its social media handle.
The IPO comprises 4.1 billion ordinary shares offered at N525 each, with the offer targeting about N2.15 trillion. The IPO that opened on the NGX in the earlier hours of trading yesterday recorded about N1.5 trillion in subscriptions.
In his remarks at the “Facts Behind the Offer” presentation at the NGX, Dangote assured investors that the IPO presented a compelling opportunity for strong returns and sustainable wealth creation.
Dangote positioned the offer as a chance for Nigerians and Africans to participate in one of the continent’s most significant industrial achievements.
He described the $1.6 billion (N2.15 trillion) offer as the largest IPO ever undertaken in Africa, underscoring the company’s commitment to broadening ownership and enabling millions of individuals to benefit from the value generated by a world-class industrial enterprise.
According to him, the refinery IPO is more than a capital raising exercise; it is an opportunity for investors to become part owners of a strategic asset that is already delivering strong operational and financial results.
“The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset. We have built a refinery that is already delivering strong revenues, solid profitability and significant value to the economy.
“By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren. This offer is designed to allow ordinary people to participate in an extraordinary success story and share in the long-term value that Dangote Refinery will continue to create for decades to come”, he said.
He emphasised that the offer reflects the Group’s long-standing philosophy of creating prosperity through broad ownership, enabling ordinary citizens to share in the success of transformational businesses
Dangote noted that the refinery has already fulfilled its core vision of transforming Nigeria from a major importer of refined petroleum products into a significant refining and export hub, supplying domestic demand while serving markets across Africa and beyond.
“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated.
Reaffirming the significance of the offer, Dangote said the IPO represents an opportunity for investors to move from consumers to owners and participate in the long-term growth of one of Africa’s most strategic industrial enterprises.
“This is a defining investment opportunity. We want millions of Nigerians and Africans to become owners of a business that has been built to create value for generations. Those who invest today are positioning themselves to benefit from the growth, resilience and enduring legacy of a truly transformational enterprise,” he said
Aside from the big global investors, the offer is also expected to attract a diverse range of interests, including civil servants, teachers, artisans, students, institutional investors, pension funds and members of the Nigerian diaspora.
Still highlighting the refinery’s financial strength, Dangote disclosed that the company generated approximately N19.47 trillion in revenue during the first half of 2026, while profit after tax reached N2.55 trillion, demonstrating its capacity to create sustainable value for shareholders.
At the offer price, Dangote Petroleum Refinery is expected to achieve an implied market capitalisation of approximately N65.22 trillion.
Together with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5 trillion, making the Dangote Group the largest equity cluster on the Nigerian Exchange.
Continuing, the billionaire businessman revealed that the Group would seek a listing on the United States Stock Exchange within the next three to four years, as the company expands its refining and petrochemical operations.
Dangote further disclosed that the planned foreign listing would follow the expansion of the refinery’s capacity and broader investments in the business. “In the next three to four years, by the grace of God, we’ll try and also list outside the African continent, most likely in the US,” he said.
But before then, Dangote pledged to take refining capacity to about 1.4 million barrels per day and has laid out plans to spend $14.3 billion on the expansion, with completion targeted for 2029. He said the expansion would take the refinery beyond its current operations.
According to Dangote, the group has a $46 billion investment pipeline covering the expansion of its various businesses as it works towards its 2030 vision.
“We have an amount of money that we want to spend to expand the group-wide operations. We have $46 billion in the pipeline to invest in and expand our various businesses to take us to the 2030 vision. I think we are on track and we’ll keep tasking ourselves to make sure we achieve our target,” he said.
Dangote also said the group would continue to use the Nigerian Exchange as a major platform for bringing its businesses to the investing public, stating that every company operated by the group would eventually be listed. “We as a group will list every single company that we operate,” he added.
Dangote said the group had already secured more than it needed to execute its immediate projects and therefore presented the IPO primarily as a means of broadening ownership rather than simply raising funds.
“The primary purpose of this offer is to democratise wealth creation. It is not really about a question of raising money alone, because I believe we have actually raised more than what we need as a group to execute all our projects,” he added.
He said the group had initially planned to raise $2.5 billion through a combination of private placement and the IPO, comprising $1 billion from the private placement and $1.5 billion from the public offer.
According to Africa’s richest man, demand during the private placement was strong enough to result in $1.2 billion worth of applications being returned, while the group proceeded with its planned $2.5 billion funding target.
“We ended up returning a lot of applicants their money which is $1.2 billion, and we took only $2.5 billion. So, $2.5 billion is exactly what we planned to do for us to expand the business and take it to the next level. So, with the private placement, we have already met all our demands,” he added.
Dangote said the public offer was therefore intended to give Nigerians and other investors an opportunity to participate in the ownership of the refinery after the private placement.
“So, this ownership should actually be expanded to allow ordinary people to participate and also share the prosperity that we have created and will continue to create,” he said, stating that the refinery was expected to become the largest company in Africa by the end of the year, based on revenue and profitability.
In his intervention, the Lagos State Governor, Babajide Sanwo-Olu, said the offer demonstrated the ability of African investors to fund businesses on the continent, describing the transaction as an opportunity to deepen Nigeria’s capital market. “Africa is the one that can indeed fund and invest in Africa. And we’re demonstrating that here today,” Sanwo-Olu said.
He said the offer should expand access to the capital market beyond existing investors and create opportunities for more Nigerians to participate in the ownership of major businesses. “But more importantly, to all the professionals in this room this morning, this is about you. This is about market creation. This is about deepening the market,” he said.
“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” he added.
Also speaking at the event, the Chairman of the NGX Group, Umaru Kwairanga, said the offer would demonstrate the capacity of the Nigerian capital market to support businesses operating at a large scale and connect them with a wider pool of investors.
“But its importance goes beyond the numbers. It represents an opportunity to demonstrate the capacity of our capital market to support enterprise at a scale and to connect Nigerian businesses with a broader community of investors,” Kwairanga said.
He said Africa’s development requires deeper capital markets capable of connecting African savings with African enterprises and financing businesses that could compete globally.
“African development will require deeper and more effective capital markets capable of connecting African savings with African enterprises and financing businesses that can compete on the global stage,” he stressed.
Kwairanga said NGX was working to strengthen investors with confidence in its integrity, transparency and efficiency. He also noted the wider participation expected from the Dangote Group, following Dangote’s commitment to bring more of its businesses to the Exchange.
Chairman of Coronation Group, Mr. Aigboje Aig-Imoukhuede, noted that Dangote has a clear vision for Nigeria and Africa.
He said: “Vision attracts capital, governance preserves and talent and execution compounds capital. Those three statements compound in the life of Alhaji Aliko Dangote.
“I believe he is an African who has used the capital market in the way and manner it is supposed to be used. Not just finance business but actually to assist in growing a national and continental economy.”
He praised Dangote for being a blessing to the domestic capital market, Nigeria and Africa as a whole.
Also, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, said he was delighted that the Dangote Refinery IPO has turned into a “People’s” offer, adding that for the first time, he was proud to be a black man.
Similarly, the Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that African ambition can deliver globally significant industrial projects, while encouraging greater continental participation in the refinery’s growth story.
For his part, Chief Executive Officer of Dangote Petroleum Refinery, David Bird, highlighted the refinery’s operational achievements, noting that it has become the largest single supplier of refined petroleum products into Europe and continues to maintain safe, reliable and efficient operations.
He added that the company remains focused on delivering its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
