LAGOS — In a landmark move for African capital markets, Nigerian billionaire Aliko Dangote has opened public ownership in Africa’s largest oil refinery, aiming to raise approximately $1.6 billion through the continent’s biggest initial public offering (IPO) to date.
The public offering invites retail investors to purchase shares in the massive 650,000-barrel-per-day facility, setting an accessible entry barrier with a minimum purchase requirement of just 10 shares. Following the listing, Dangote is set to maintain a controlling 87% stake in the enterprise.
Market demand has surged dramatically since the launch, with major Nigerian trading platforms reporting record web traffic as retail and institutional investors rush to secure shares.
Commissioned at a cost of $19 billion, the state-of-the-art complex commenced operations in 2024. Its launch marked a pivotal economic turning point for Nigeria, transforming the nation from a chronic importer of refined petroleum products into a major net exporter across the region.
Financial analysts anticipate that the listing could draw millions of first-time domestic investors into the Nigerian Stock Exchange. However, the refinery’s estimated $49 billion valuation has drawn scrutiny from some market observers who question the aggressive pricing.
Dangote has firmly defended the valuation, outlining ambitious expansion plans to boost processing capacity to 1.4 million barrels per day—a move that would solidify its position as the world’s largest single-train petroleum refinery.
