Dangote Refinery IPO Nears Launch as Nigerian Exchange Prepares for Massive Influx

Aliko Dangote's ambitious plans for the Dangote Petroleum Refinery & Petrochemicals FZE have reached a major milestone. On September 7, Dangote and his advisory team signed registration documents in Lagos for the initial public offering (IPO) of the refinery business.

The IPO is set to offer 4.1 billion ordinary shares priced at ₦525 (roughly $0.40) each. If fully subscribed, this would translate to a base raise of approximately ₦2.15 trillion, or about $1.63 billion, with an additional 15% greenshoe option on top.

Recent valuations have pegged the refinery's worth somewhere between $39 billion and $47 billion, while its initial construction cost was approximately $20 billion.

CEO David Bird has described the offering as a 'people's IPO', aimed at including Nigerian and African retail investors. There are currently no plans for a foreign listing, with that possibility parked for at least three years.