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.
Key Terms
& Structure
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.
Road to Listing
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.
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.