Refinery Will Control 28.9% Of NGX, Create N83.5trn Dangote Equity Cluster

The Dangote Group is set to create the largest equity cluster on the Nigerian Exchange, with its listed companies valued at approximately N83.5 trillion following the initial public offering of Dangote Petroleum Refinery.

President/chief executive of Dangote Industries Limited, Aliko Dangote, disclosed this on Monday at the Facts Behind the Offer presentation for the $2.15 billion IPO of Dangote Petroleum Refinery & Petrochemicals FZE.

According to details of the offer, 4.1 billion ordinary shares are being offered at N525 per share, with a minimum subscription of 10 shares or N5,250. At the indicated price, independent analysis estimates the refinery’s implied market capitalisation at approximately N65.22 trillion.

“With Dangote Cement and Dangote Sugar Refinery already listed, the addition of the refinery means the listed Dangote companies could represent an equity cluster of approximately N83.5 trillion on the Nigerian Exchange,” Dangote said.

Market operators at the event described the transaction as the largest in the history of the Nigerian capital market and in Africa.

Dangote said the decision to list was in fulfillment of a commitment made years ago to expand ownership once the refinery became fully operational.

“Our ambition is to reach as many as 10 million investors. The target includes teachers, civil servants, artisans, students, pension funds and members of the Nigerian diaspora,” he said.

He framed the IPO as more than a capital raise, calling it a shift from consumption to ownership.

“Today, we are not merely offering shares. We are offering an opportunity to participate in a transformational chapter of Nigeria’s economic history,” he said.

Dangote added that the refinery was built to transform Nigeria from a major importer of petroleum products into a refining and export hub, a vision he said has now become reality.

On the strength of the business, Dangote said the refinery generated revenue of approximately N19.47 trillion, or $13.91 billion, in the first six months of 2026, with profit after tax of about N2.55 trillion, or $1.82 billion.

The CEO of Dangote Petroleum Refinery, Davide Bird, said the plant has become the largest single supplier of refined products into Europe and now operates on a three-year record of “sustained, safe, and reliable operations.”

He noted the business processed first crude in December 2023 and is now approaching the end of 2026. Audited H1 2025 revenue stood at over $1 billion, with more than $4 billion on the balance sheet as of end-June.

Bird said the refinery is soon becoming the largest integrated refinery and petrochemical complex on the planet under a bold Vision 2030, saying that the plan includes 10,000 CNG trucks across four countries and investment in regional distribution infrastructure.

The chairman of NGX Group, Alhaji Umaru Kwairanga, described the IPO as “Africa’s biggest Initial Public Offer” and a test of the market’s capacity.

According to him, the $2.15 billion offer is designed to demonstrate the capacity of our capital market to support enterprise at scale.

“African development will require deeper capital markets. It is a demonstration that Africa can, and must, be developed by Africans.”

Lagos State Governor, Mr. Babajide Sanwo-Olu, said the listing marks historically, the largest offer on the continent of Africa today.

“This is changing the landscape of what is possible in Africa. It is saying Africa can fund and invest in Africa,” he said.

He added that the listing is about opening opportunities for everybody, from the market woman in Benin, to the young tech founder in Yaba, to the farmer in Kano.

The chief executive of the Botswana Stock Exchange, Kesegofetse Molatlhegi, said Africa’s challenge is not poverty but the failure to monetise its resources.

“I want to congratulate Aliko Dangote for the audacity to show the world that African ambition can be built at a scale that can change the world,” she said.

She urged Dangote to ensure this ambition is owned right across Africa, from Gaborone to Nairobi.