Refinery Will Become Africa’s Largest Company By December – Dangote

President of Dangote Group, Aliko Dangote, has said the Dangote Petroleum Refinery and Petrochemicals FZE will become the most viable company in Africa by the end of December 2026.

Dangote made the projection on Monday at the Nigerian Exchange trading floor in Lagos, where he delivered an address to mark the commencement of the refinery’s Initial Public Offering.

The IPO opened on September 14, 2026, with 4.1 billion new ordinary shares offered 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 open to retail and institutional investors as well as eligible African investors, with the company seeking to expand ownership and deepen participation in Nigeria’s capital market.

Speaking at the event, Dangote urged members of the public to take advantage of the opportunity to acquire shares in the refinery, saying the company was positioned for significant growth.

“The IPO is about making sure that we invite the public so that they can get part of the investment. Most likely, people don’t even know what they are buying. But I can tell you. 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.

“However, we believe that a project of this magnitude should not create value for only a few people. Not only for Nigerians. The IPO provides 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.”

He said the investment could provide an additional source of income for shareholders, particularly Nigerians with financial obligations abroad, by allowing them to receive dividends in dollars.

Dangote said the decision to list the refinery was driven by the desire to broaden access to wealth creation rather than raise funds for the group.

He described the IPO as an opportunity for Nigerians and other investors around the world to acquire an interest in what he called one of Africa’s most significant industrial projects.

“Today is not about listing a company but about listing a company for Nigerians, for Africa and for the black race.

“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 industrious project.

“This moment represents the fulfillment of a commitment I made several years ago, that when the refinery becomes fully operational of sustainable value and derisk investment- because we don’t want people to risk their money- when people risk and lose their money, our image will be dented. That is why what we are selling to the people is what their generations can benefit from. That is why the ownership of the refinery is brought to the people to allow them to share in the prosperity that we have created and we will continue to create.

“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. So far, we have $46 billion in the pipeline to invest and expand our various businesses to take us to our Vision 2030, and I think we are on track, and we will keep tracking ourselves to make sure we remain on track. “

According to Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, the offer has been structured to make participation accessible, transparent and technology-driven.

Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the provisions of the Prospectus.

The public offer is expected to raise approximately N2.15 trillion, potentially making it one of the largest equity offerings in Africa.

Dangote said the proceeds would support the refinery’s long-term expansion, strategic investments and other growth plans, while creating additional value for shareholders and stakeholders.

He also explained that the group had already secured substantial funding through its private placement and therefore did not depend on the IPO to finance its existing projects.

“The real purpose of this fund is that when we did the private placement, we wanted to sell $2.5 billion. The IPO was $1.5 billion, and the private placement was $1 billion. We went in for $1 billion, and it was very encouraging working to meet the demand. And we even insisted that everybody should go and even insisted everyone should go and pay in dollars. We refused to collect currencies other than dollars. And we had to allocate and reallocate.

“I remember that myself, Marat, Chuka, Bolaji, during the process ended up returning a lot of applications amounting to $1.2 billion, and we took only $2.5 billion. So $2.5 billion is a lot and exactly what we plan to do for Africans to expand the business and take it to the next level. So with the private placement, we have already met all our demands”, he said.