Aliko Dangote Launches Africa’s Largest IPO for $49 Billion Refinery Amid Major Expansion Plans

Aliko Dangote, Africa's wealthiest individual, has officially signed documents to launch what is set to be the continent's largest-ever initial public offering (IPO) for his landmark oil refinery. The Nigerian Securities and Exchange Commission (SEC) has approved the sale of approximately 4.1 billion shares at 525 naira each, aiming to raise 2.15 trillion naira (approximately $1.63 billion). The offering, which primarily targets retail investors, is scheduled to run from mid-September through mid-October 2026, with shares expected to begin trading on the Nigerian Exchange by late November. This move represents a significant step in democratizing ownership of the $49 billion industrial asset, with Dangote expressing a vision to attract up to 10 million shareholders from across Nigeria and the broader African continent.

Coinciding with the IPO announcement, the refinery has unveiled an ambitious $14.3 billion expansion plan designed to double its current processing capacity. Currently operating at 700,000 barrels per day, the facility aims to reach a production milestone of 1.4 million barrels per day by 2029, positioning it to become the largest refinery in the world. This capital intensive growth is supported by a strong financial rebound; after reporting a loss in 2025, the refinery posted a substantial after-tax profit of $1.82 billion in the first half of 2026. Aliko Dangote emphasized that the IPO is intended to shift the focus of young Africans toward productive long-term investment rather than short-term speculation, while also positioning the company to achieve over $12 billion in annual EBITDA.

Beyond the immediate share sale, the Dangote Group is signaling a broader strategy of international expansion and diversification. There is reported interest from major global players like ADNOC for potential investment, and plans are underway for a secondary listing of Dangote Cement on the London Stock Exchange. Furthermore, Dangote revealed intentions to establish a new refinery project in Kenya to help reduce East Africa's reliance on fuel imports. By opening the refinery's books to the public and scaling operations, the group seeks to solidify the facility's role as a cornerstone of African energy independence and a transformative force for the continent's capital markets.