PHOTO CREDIT: Dangote Petroleum Refinery / File Photo – Punch Newspapers
Dangote Refinery IPO to Open in 12 Days, Targets $5bn

The Initial Public Offering (IPO) of the Dangote Petroleum Refinery will open in the next 10 to 12 days, Chairman of the Dangote Group, Aliko Dangote, has announced.

Dangote disclosed this on Thursday while speaking to investors and analysts during a visit to Botswana, according to Reuters.

The 650,000 barrels-per-day refinery, located in the Lekki Free Zone near Lagos and regarded as the largest single-train refinery in the world, is seeking to raise about $5 billion from the offering. The listing is expected to become the largest IPO ever undertaken in Africa.

Speaking on his future plans for the facility, Dangote said his dream is to more than double the refinery’s current capacity.

“So our dream is that we want to make sure we double the capacity of the refinery… which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” he said.

He noted that the refinery reached its full nameplate capacity in February 2026 and has since tested production at 700,000 bpd.

The planned public listing comes less than two weeks after the refinery completed a $1 billion underwriting programme ahead of the IPO. The company had previously said it plans a Pan-African IPO, offering at least 10 percent of its refining business to fund a $40 billion expansion objective.

Dangote also revealed that construction of a new refinery on Kenya’s coast, in partnership with East African governments, will be launched on September 30.
SOURCE: Punch Nigeria