Dangote Refinery $5B IPO

Dangote Petroleum Refinery & Petrochemicals FZE, majority owned by Africa's richest man Aliko Dangote, plans to raise about $5 billion through an initial public offering expected to conclude in October 2026. The IPO, which would be Africa's largest ever, aims to finance expansion of the 650,000-barrel-per-day Lagos refinery to 1.4 million barrels per day and potentially build a similar facility in Kenya. The company has filed an application with Nigeria's United States — United States Securities and Exchange Commission and expects approval in the coming weeks, with a prospectus in September. The primary listing will be on the Nigerian Exchange, with interest from exchanges in South Africa, Kenya, Egypt, Ghana, and Rwanda. Kenya's capital markets could raise up to $500 million. A recent private placement valued the refinery at about $40 billion. The refinery, built at a cost of about $20 billion, began operations in 2024 and reached full capacity earlier this year. The NNPC holds just over 7%.