President of the Dangote Group, Aliko Dangote, has projected that Dangote Petroleum Refinery and Petrochemicals FZE will become the largest company in Africa by the end of December 2026.
Dangote made the projection on Monday at the Nigerian Exchange Limited (NGX) trading floor in Lagos, where he delivered an opening address to mark the commencement of the refinery’s Initial Public Offering (IPO).
The IPO, which opened on September 14, 2026, comprises 4.1 billion new ordinary shares priced at N525 per share. The minimum subscription is 10 shares, valued at N5,250, while the offer is scheduled to close on October 13, 2026, subject to the terms contained in the Prospectus.
The offer is targeted at retail and institutional investors, as well as eligible African investors, as the refinery seeks to broaden ownership and deepen participation in Nigeria’s capital market.
Dangote urged members of the public to take advantage of the opportunity to acquire a stake in what he described as a company with significant future growth potential.
“Everything is in the hands of God, but by the end of this year, this is going to be the largest company in Africa, not in Nigeria. So you are buying a future where the company will be way ahead of a lot of seven companies. Don’t let the train leave you at the station.”
He said the decision to offer shares to the public was driven by a desire to ensure that the wealth created by the refinery is shared more broadly rather than benefiting only a small group of investors.
Dangote said the IPO would provide an opportunity for teachers, civil servants and other ordinary Nigerians to participate in the growth of the refinery.
According to him, the anticipated dollar-denominated dividends could also help Nigerians with children studying abroad hedge against the impact of naira devaluation.
“The IPO provides an opportunity for teachers, civil servants, people who even have their children abroad, to now have the confidence of keeping them abroad, so that even when there is devaluation, they will continue to pay their school fees because you will be getting your dividends in dollars.”
IPO to Democratise Wealth Creation
Dangote explained that the listing of the refinery and the IPO were primarily intended to democratise wealth creation rather than raise funds for the Dangote Group.
He said the group had already secured sufficient resources to execute its existing projects, noting that it currently has about $46 billion worth of investments and expansion plans in its pipeline as it works towards its Vision 2030 objectives.
“Today is not about listing a company but about listing a company for Nigerians, for Africa and for the black race.”
Formally announcing the opening of the offer, Dangote invited investors from Nigeria, Africa and other parts of the world to become shareholders in the refinery.
“Today we formally open the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, and we are inviting Nigerians, Africans, Caribbeans, Europeans, Americans, Chinese, and everybody across the world to become shareholders in one of the world’s and Africa’s most transformational industrial projects.”
He said the IPO fulfilled a commitment he made several years ago to make ownership of the refinery available to the public once the project became fully operational, commercially sustainable and sufficiently de-risked.
Dangote stressed that the decision was intended to allow present and future generations to benefit from the value created by the refinery.
“The primary purpose of making this offer is to democratise wealth creation. If it is the question of raising money, I think we have raised more than what we need as a group to execute all our projects.”
N2.15tn Expected From Offer
The public offer is expected to raise approximately N2.15 trillion, potentially making it one of the largest equity offerings ever undertaken in Africa.
According to Dangote, proceeds from the offer will support the refinery’s long-term growth plans, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.
The company has also emphasised that participation in the offer has been designed to be accessible, transparent and technology-enabled.
Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, in line with the terms contained in the Prospectus.
The IPO offers investors an opportunity to own a stake in Africa’s largest refinery and one of the continent’s most significant industrial projects.
