Dangote Refinery announces $40 billion IPO across Lagos, London, and Johannesburg exchanges

Dangote Refinery announced plans for a $5 billion initial public offering across multiple African stock exchanges, including Lagos and Johannesburg, set for June-July 2026, officials said. The IPO, expected to offer a 5-10% equity stake in the refinery valued between $40 billion and $50 billion, aims to fund the company’s five-year Vision 2030 expansion plan.

The planned initial public offering will be conducted across multiple African stock exchanges, including the Nigerian Exchange, Johannesburg Stock Exchange, Ghana Stock Exchange, Nairobi Securities Exchange, Ethiopian Securities Exchange, and the Bourse Regionale des Valeurs Mobilieres, officials said. The offering aims to sell a 5-10% equity stake in the Dangote Refinery, which is valued between $40 billion and $50 billion, according to sources familiar with the matter.

The IPO is scheduled for June to July 2026 and is expected to raise up to $5 billion, making it the largest initial public offering ever conducted on African bourses, according to market analysts.

The Nigerian Exchange Group convened a meeting of African exchange CEOs in Lagos on April 1, 2026, to coordinate the multi-exchange listing, sources confirmed. The IPO is described by officials as the first pan-African offering in history, representing a significant step toward capital market integration across the continent. At the upper valuation, the listing is projected to push the Nigerian Exchange’s market capitalization beyond the 200 trillion naira threshold, records show.

The proceeds from the IPO will fund Dangote Group’s broader five-year expansion plan, branded Vision 2030, which aims to grow the conglomerate into a $100 billion revenue enterprise by the end of the decade. This investment plan, valued at approximately $40 billion, is separate from the refinery’s current valuation, according to company officials. The expansion includes plans to double the refinery’s capacity from 650,000 to 1.4 million barrels per day within three years and to quadruple fertilizer production, sources said.

Additional projects outlined in Vision 2030 include establishing potash and phosphate plants in the Democratic Republic of Congo and constructing copper-refining operations in Zambia, according to Dangote Group representatives. These initiatives are part of a strategy to diversify and deepen the company’s industrial footprint across Africa.

The Dangote Refinery, located in the Ibeju-Lekki Free Zone in Lagos, is currently the world’s largest single-train crude oil processing facility, according to company records. Built at a cost of $20 billion, it was commissioned in May 2023 and reached full operational capacity by February 2026. The refinery currently holds $3.65 billion in debt, officials said.

Financial advisers for the IPO include Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap, sources confirmed. The Nigerian National Petroleum Corporation holds a 7.25% stake in the refinery, while Aliko Dangote will retain majority control following the public offering, according to company disclosures.

Market analysts have noted that the IPO is positioned as a test case for continent-wide capital market integration, with the potential to deepen regional financial markets and attract global investors. Industry experts have also highlighted the refinery’s role in reshaping fuel supply dynamics in Africa, as it continues to increase local refining capacity and reduce dependency on imports.

The Nigerian Exchange Group and participating African exchanges are expected to finalize listing arrangements in the coming months, with the IPO timetable targeting mid-2026. The success of this offering may influence future multi-exchange listings on the continent, according to market observers.