Nigeria: Dangote Refinery Targets $2 Billion Investments From Private Investors Ahead Of IPO

Africa’s largest petroleum refinery, the Dangote Refinery, is targeting about $2 billion in private investments ahead of its Initial Public Offering (IPO), scheduled for September this year.

“When we say we’re going to do a private placement, we already have people who have expressed interest in buying, and the amount requested is already close to $2 billion,” said Aliko Dangote, President of the Dangote Group, during a visit by Femi Otedola, Chairman of First HoldCo, to the refinery on Wednesday.

Otedola led top executives of First HoldCo on a tour of the refinery and fertilizer plants located in the Lekki Free Trade Zone.

The delegation also visited key project sites, including the jetty facility built by Dangote Industries to accommodate large vessels.

Dangote, however, noted that the refinery may not sell the full amount through the private placement, stating that “we’ll see what we can allocate to them.”

The private placement marks the latest development in the refinery’s IPO plans, which are expected to materialize later this year.

In 2025, Dangote disclosed that the refinery could sell up to a 10% stake in the public listing, which Bloomberg estimated could be valued at approximately $5 billion.

Although the exact date for the IPO has not yet been announced, the Dangote Refinery is expected to proceed with the public listing before the end of the year.

Dangote also revealed plans for a cross-border listing, which he said would enable Africans to play a greater role in financing the continent’s industrialisation.