Dangote Petroleum Refinery IPO targets $40‑$50 bn valuation, $2 bn raise

Africa’s richest man, Aliko Dangote, is preparing the public listing of his Lekki‑based petroleum refinery. The offering, slated for September 2026, seeks to value the refinery at roughly $40 billion, with some estimates as high as $50 billion, and to raise up to $2 billion by selling about 10 % of its equity. The refinery, the world’s largest single‑train plant at 650‑700 k barrels per day, has already cut Nigeria’s annual fuel‑import bill and turned the country into a net exporter of refined products.

Investor demand is strong: prior private‑placement activity attracted $2 billion in subscriptions, and institutional investors have signaled interest of a similar magnitude ahead of the IPO. However, the Nigerian Securities and Exchange Commission issued a halt on marketing the offering in June because no formal application had been filed, creating uncertainty over the timing of the September launch. The listing is expected to be dual‑listed on the Nigerian Exchange and other African markets, testing the depth of the continent’s capital markets.