Nigeria's Dangote refinery launches share sale to fund major expansion

The short version

• Aliko Dangote launched an initial public offering seeking about $1.6 billion to support a $14.3 billion expansion for his Lagos petroleum refinery.[Deutsche Welle]
• The planned expansion aims to double the refinery's processing capacity from 700,000 barrels per day to 1.4 million barrels per day.[Deutsche Welle]
• Shares are listed at 525 Naira each with a 10-share minimum, though extreme poverty affects nearly two-thirds of Nigeria's population.[Deutsche Welle]
• Trading of the 4.1 billion shares on the stock exchange is expected to begin in November.[France 24 · Deutsche Welle]

Key facts

• Aliko Dangote is seeking roughly $1.6 billion from investors through an initial public offering to finance a $14.3 billion expansion.[Deutsche Welle]
• The expansion is planned to double the refinery's capacity from 700,000 barrels per day to 1.4 million barrels per day.[Deutsche Welle]
• The public offer includes 4.1 billion shares priced at 525 Naira per share with a minimum order of 10 shares.[Deutsche Welle]
• The refinery recorded an after-tax profit of $1.82 billion in the first half of 2026 after a $476 million loss in 2025.[Deutsche Welle]
• According to the National Bureau of Statistics, nearly two-thirds of Nigeria's population lives in extreme poverty.[Deutsche Welle]
• Trading of the refinery's shares on the stock exchange is anticipated to start in November.[France 24]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• IPO 'for the people' is out of reach for many in NigeriaDeutsche Welle
• Nigeria's Dangote refinery kicks off blockbuster IPOFrance 24