ZAOn 7 September 2026, Nigeria's Dangote Oil Refinery signed offering documents for its initial public offering (IPO), marking a significant step toward Africa's largest-ever share sale. The IPO, scheduled from 14 September to 13 October, aims to sell 4.1 billion shares at 525 naira each, potentially raising 2.15 trillion naira if fully subscribed. The refinery, located on the outskirts of Lagos and costing $20 billion to build, has transformed Nigeria's fuel market and capitalized on supply disruptions linked to the Iran war, exporting jet fuel across Africa and into Europe. The IPO seeks to fund a planned expansion of the refinery's capacity to 1.4 million barrels per day. The Nigerian Securities and Exchange Commission (SEC) approved the IPO on Friday, valuing the company's existing shares at approximately $47 billion. Aliko Dangote, Africa's richest man, expressed hopes that the refinery could become the world's largest single-train refinery by 2028.
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