Dangote Refinery Valued At $39.1bn, Seeks $1bn In Private Placement

Dangote Petroleum Refinery is seeking to raise $1 billion through a private placement, even as the company has been valued at about $39.1 billion.

Reuters reports that the refinery is offering 3 billion ordinary shares at $0.35 per share.
If fully subscribed, the transaction would raise about $1 billion and implies an enterprise valuation of approximately $39.1 billion for the facility.
The placement memorandum showed minimum subscription of one million shares (equivalent to $350,000). It also said additional subscriptions would be accepted in increments of 500,000 shares.
Allotted investors will be subject to a 365-day lock-up from the date of allotment.

The memorandum says proceeds will support ongoing expansion projects and general corporate purposes as part of the refinery’s broader funding strategy.

The refinery, which began producing petroleum products in 2024, has a processing capacity of 650,000 barrels per day and produces diesel, aviation fuel, naphtha and premium motor spirit (PMS).

The memorandum and industry analysts say the valuation reflects expectations about the facility’s strategic role in reducing Nigeria’s dependence on imported refined products and its potential to expand regional exports.

The capital raise forms part of a wider expansion programme. Market participants expect further investments in logistics and storage facilities, deeper distribution capabilities and possible moves into ancillary petrochemical operations.

The implied $39.1 billion valuation would place the refinery among the most valuable privately held industrial assets in Africa and exceed the market capitalisation of nearly all companies listed on the Nigerian Exchange.