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DCP ₦285.50 +1.13%
DSR ₦42.75 -1.04%
NASCON ₦38.20 +1.60%
NSE ASI 109,450.22 +0.34%
Planned Q4 2026 — Nigerian Exchange Group

Dangote Refinery IPO

Africa's largest planned IPO — offering up to 10% equity in the Dangote Petroleum Refinery on the Nigerian Exchange (NGX), with potential dual-listing on the London Stock Exchange (LSE).

$25–30B
Estimated Valuation
10%
Equity Offered
Q4 2026
Target Date
IPO Overview

Africa's Defining
Capital Markets Moment

The planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery will be the largest IPO in African capital markets history. The offering intends to list up to 10% of the equity in the refinery on the Nigerian Exchange Group (NGX) with potential secondary listing on the London Stock Exchange (LSE).

At an estimated valuation of $25–30 billion, the IPO will represent approximately $2.5–3 billion in equity proceeds — dwarfing previous African IPO records and establishing a new benchmark for continental capital market depth.

Proceeds from the IPO are planned to fund Phase 2 expansion of the refinery to 1.4 million barrels per day by 2030 and establish the Dangote Petroleum Refinery as a globally-traded energy company accessible to international institutional investors.

IPO Details

Key Terms
& Structure

Issuer Dangote Petroleum Refinery & Petrochemicals
Offer Type Initial Public Offering (IPO)
Equity Offered Up to 10% of total share capital
Primary Exchange Nigerian Exchange Group (NGX)
Secondary Listing London Stock Exchange (LSE) — under evaluation
Currency Nigerian Naira (NGN) on NGX
Target Valuation $25–30 billion USD equivalent
Expected Proceeds $2.5–3.0 billion (10% stake)
Use of Proceeds Phase 2 capacity expansion to 1.4M bpd
Target Date Q4 2026 (subject to regulatory approval)
Lead Advisers To be announced (global bulge bracket)
Regulator Securities & Exchange Commission Nigeria
Investment Thesis

Why Invest in
Dangote Petroleum Refinery

🛢️

World-Scale Asset

650,000 bpd capacity — Africa's largest, world's 7th largest. Nelson Complexity Index 10.5 exceeds global averages.

📈

Monopoly Economics

Nigeria's only refinery at scale, processing 100% of domestic fuel needs + export surplus. Pricing power over 200M consumers.

🌍

Africa Growth Exposure

1.4 billion Africans. Fastest-growing energy demand globally. Structural shift from fuel import to net export economy.

Integrated Value Chain

From crude import to refined product export — full margin capture across refining, polypropylene and petrochemicals.

💰

Hard Currency Revenue

Export revenues in USD. Revenue diversified across fuels, aviation, polypropylene — multiple commodity exposures.

🏗️

Expansion Optionality

2030 target of 1.4M bpd doubles asset size. Polypropylene, LNG and gas expansion provides additional growth vectors.

IPO Timeline

Road to Listing

2024
Commercial operations commenced — January 2024
2025
Full crude processing capacity reached
Feb 2026
Full 650,000 bpd capacity achieved
Q2 2026
Audited financial statements preparation
Q3 2026
SEC Nigeria IPO registration filing
Q3 2026
International roadshow — Lagos, London, NY, Dubai
Q4 2026
IPO pricing and NGX listing
2027
Potential LSE secondary listing
2028–30
Phase 2 expansion to 1.4M bpd using IPO proceeds
Stay Informed

Register for IPO Updates

Institutional investors and qualifying retail investors may register to receive IPO announcements, prospectus notifications and roadshow invitations via the Dangote Group Investor Relations portal.

Register Interest View Refinery

Important Disclaimer: This page contains forward-looking statements relating to a potential IPO. No offering has been made. Any future IPO will be subject to regulatory approvals by the Securities and Exchange Commission of Nigeria and other applicable regulators. This does not constitute an offer or solicitation to buy any securities. Past performance is not a guarantee of future results.