The Initial Public Offering (IPO) of the Dangote Petroleum Refinery is expected to open within the next 10 to 12 days, potentially around September 15, 2026, as the company moves to raise about $5 billion to finance a major expansion of its refining and petrochemical operations.
President of Dangote Industries, Aliko Dangote, disclosed the timeline on Thursday while speaking with investors and analysts in Botswana during a visit to the Southern African country, according to Reuters.
Dangote said the planned IPO could become Africa’s largest public offering and would support the group’s ambition to double the refinery’s production capacity.
“Our dream is that we want to make sure we double the capacity of the refinery, which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” Dangote said.
The refinery, currently designed to process 650,000 barrels of crude oil per day, reached its full nameplate capacity in February 2026 and has since tested production at 700,000 barrels per day.
Proceeds from the IPO are expected to fund the expansion of the refinery and its petrochemical complex, strengthening the facility’s position as a major supplier of refined petroleum products to markets across Africa and internationally.
The planned public offering comes months after the refinery secured $2.5 billion through a private placement in July, a transaction the company said was subscribed 3.7 times. The proceeds are also expected to support the refinery’s ongoing expansion.
Last month, the company further secured a $400 million underwriting commitment from Marob Strategies and Consulting DIFC Limited and Lilium Capital Group, which were appointed as co-financial advisers.
According to an earlier Information Memorandum, the Dangote Refinery is valued at $39.1 billion.
The refinery has benefited from stronger refining margins amid disruptions in the global oil market, particularly as rising tensions in the Middle East have increased demand for alternative fuel supplies.
Dangote also announced plans for a secondary listing of Dangote Cement Plc on the London Stock Exchange in October, a move aimed at expanding the company’s access to international investors and increasing its exposure to global capital markets. Dangote Cement is currently listed on the Nigerian Exchange.
Beyond Nigeria, the Dangote Group is also expanding its refining footprint in East Africa. Dangote announced plans to begin construction of a new refinery in Kenya in partnership with East African governments.
Construction is scheduled to commence on September 30 and is expected to take up to three years to complete.
The proposed refinery will supply refined petroleum products to Kenya and neighbouring countries, helping to reduce East Africa’s dependence on imported refined fuels. The project is expected to become the Dangote Group’s largest refining investment outside Nigeria.
Meanwhile, Chief Executive Officer of Dangote Refinery, David Bird, said the company has no immediate plans to pursue a foreign stock market listing.
Bird said the refinery’s priority remains the Nigerian IPO, adding that the company intends to build a stronger operating and financial track record before considering entry into international capital markets, a move he said may not happen for at least three years.
