Dangote confirms September IPO launch
President and Chief Executive of Dangote Group, Aliko Dangote, has announced that the planned Initial Public Offering of the Dangote Refinery will launch in September.
He made the disclosure on Wednesday while speaking with journalists after leading Chairman Femi Otedola and top executives of First HoldCo and its subsidiaries on a tour of the refinery complex in Lagos.
Dangote said the company is preparing to enter the market by September to begin the IPO process.
According to him, investor interest has remained strong ahead of the official launch.
Investor demand approaches $2 billion
Dangote revealed that private investors have already shown strong interest in the offering.
He said requests from interested buyers have approached $2 billion before the IPO opens.
However, he explained that the company would carefully decide how much allocation would go to private investors and what portion would remain for the public offer.
As a result, the planned offering has continued to attract attention across financial markets.
Company targets wider public ownership
Dangote said the refinery IPO aims to give more people the opportunity to invest.
According to him, the company wants a larger part of society to participate in the refinery’s future growth.
He added that the goal is to create long-term value for investors across Africa.
Furthermore, he said the company wants early investors to benefit from future expansion and increased market value.
Dangote noted that the refinery’s size and expected earnings have continued to attract global attention.
Otedola plans $100 million investment
Meanwhile, Femi Otedola disclosed plans to invest $100 million in the refinery.
He said he had asked Dangote to allocate shares worth that amount during the private placement.
Otedola also revealed that he sold his stake in Geregu to channel proceeds into the Dangote Refinery IPO.
Therefore, his investment reflects growing confidence in the refinery’s long-term prospects.
Refinery remains key to Nigeria’s fuel supply
The Dangote Refinery, located in the Lekki Free Zone in Lagos, currently processes 650,000 barrels per day.
This makes it Africa’s largest single-train refinery.
The facility started large-scale production of diesel, aviation fuel, and petrol in 2024 after years of development.
Construction and investment reportedly reached about $20 billion.
Meanwhile, the planned IPO could become one of the largest capital market deals in Africa.
Reports also suggest the company could be valued at up to $50 billion.
It may also sell as much as 10 percent equity to investors.
In recent months, the refinery has played a major role in Nigeria’s fuel supply chain by reducing dependence on imported petroleum products and boosting local refining capacity.
