President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has said the ongoing Initial Public Offering of the Dangote Petroleum Refinery reflects his group’s long-term commitment to Africa’s industrialisation, wealth creation and economic development.
Dangote stated this during an interview with Bloomberg Television, where he explained that the IPO was designed not only to raise capital but also to expand African participation in the ownership of a major strategic industrial asset.
According to him, strategic assets across Africa have historically been controlled by relatively few investors, while the refinery’s public offering provides an opportunity for millions of Africans to participate in its ownership and benefit from its growth.
“For decades, Africa’s most strategic assets have been owned by a limited group of investors. Through this IPO, we are creating an opportunity for millions of Africans to become part-owners of a transformative business that is changing the energy landscape of the continent,” Dangote said.
The refinery’s public offering opened on September 14 and involves 4.1 billion ordinary shares priced at N525 each. The minimum subscription is 10 shares, valued at N5,250, while the offer is scheduled to close on October 13, 2026.
The Securities and Exchange Commission has approved the offer and advised prospective investors to obtain information through official channels, use only approved receiving agents and carefully study the prospectus before investing. The commission also warned investors against unsolicited messages or platforms claiming to guarantee share allocations.
Dangote said the refinery was conceived as part of a broader strategy to address Africa’s energy challenges by increasing local production, reducing dependence on imported refined petroleum products and strengthening the continent’s industrial capacity.
He noted that the Dangote Group’s investments in refining, petrochemicals, cement, fertiliser and manufacturing were intended to contribute to economic self-sufficiency, employment creation and foreign-exchange earnings.
The company has also indicated that it plans further expansion of the refinery. Reuters reported that the facility recorded a net profit of $1.82bn on revenue exceeding $13bn in the first half of 2026, following a $476m loss in 2025. The refinery has also increased exports of refined products to international markets.
Dangote further disclosed that the group intends to pursue a listing of the refinery on the New York Stock Exchange after completing the next phase of its expansion, potentially providing access to a broader international pool of capital.
The IPO comes as the refinery seeks to broaden its ownership base while positioning itself as a major player in Africa’s petroleum-products market. The public offer has been described by the company as an opportunity for eligible retail and institutional investors to acquire shares in the business.
However, the official IPO information makes clear that investing in the shares carries financial risk and that the value of an investment can rise or fall. Investors have therefore been advised to read the approved prospectus and seek professional advice where necessary.
Dangote said the broader objective went beyond the construction and operation of a refinery, stressing the importance of creating African-owned institutions capable of competing internationally and generating value over generations.
He said the IPO represented another step towards that objective by allowing a wider group of Africans to participate in the ownership and potential growth of one of the continent’s largest industrial investments.
