Overview
- Dangote Petroleum opened its retail order book Monday, offering 4.1 billion new shares at ₦525 each to raise about $1.6 billion with a 30% greenshoe that could lift proceeds to roughly $2.1 billion.
- The sale implies a post-offer valuation near $47 billion to $50 billion and the company expects shares to list on the Nigerian Exchange by late November 2026.
- Proceeds are earmarked for a $14.3 billion expansion to boost throughput from roughly 700,000 barrels per day to 1.4 million barrels per day by 2029, a plan supported by the refinery’s reported H1 2026 profit and higher refining margins.
- Aliko Dangote will retain about 87% ownership after the offer, a fact that has prompted questions about the ‘‘people-driven’’ framing and concerns over valuation, execution risk, naira volatility, crude-price swings, and regulatory oversight.
- The IPO targets mass retail participation with a minimum 10-share purchase and could make the company the largest on any African bourse, a shift that would expand local ownership but also concentrate large pension and retail flows in a single, dominant listing.