Dangote Targets to Raise $2.1B with IPO on Nigeria Stock Exchange
On 14 September 2026, the Dangote Group signed an agreement with the Nigerian Stock Exchange to issue an initial public offering (IPO) on the Nigerian Stock Exchange (NGX). For this IPO, only 3% of Dangote’s shares will be put on the market and plans to raise about USD 2.1 billion to finance the expansion strategy of its oil refinery business.
At the same time, Dangote took the opportunity to outline its prospectus. Dangote Group’s Founder and Chair Aliko Dangote called it a ‘people’s IPO’ as it is about giving the average Nigerian the opportunity to participate in the success of his enterprise and ‘democratize wealth.’
Taking account accessibility and affordability, retail investors can buy a minimum of ten shares of Dangote for the price of about USD 4 (NGN 525 per share). The shares can be transacted on various digital investment platforms such as Nigeria’s own fintech platform, Bamboo. Subscriptions are open for a month till 13 October 2026.
Previously, Dangote targeted institutional investors back in July 2026. Then, Dangote put up to 6% stake for sale. It is reported that UAE’s state oil company ADNOC had expressed an interest to partner with Dangote in its refinery business. The Africa Finance Corporation (AFC) and other institutional investors were also inclined in getting hold of Dangote’s shares. Aliko Dangote also invites African sovereign wealth funds (#SWF) to support an African company.
Dangote built its first refinery just outside Lagos. In operation since 2024, it processes about 700,000 barrels per day (bpd) of crude oil. The objective is to increase capacity to 1.4 million bpd by 2029.
Dangote is also planning a new refinery in Kenya. In three to four years’ time, Dangote plans to carry out a secondary listing of the refinery division in the United States, assuming a positive market evolution.
Benefiting from the lingering uncertainty in the Middle East, Dangote has been able to increase its exports of petroleum products to Europe and other African countries. Dangote’s refinery has effectively transformed Nigeria from an importer of petroleum to an exporter, blazing the path for industrialization and local value addition (#LVA) in Africa.