Dangote’s Value Rises as Refinery Opens Shares to Public Investors
Africa’s richest man, Aliko Dangote, has seen a significant increase in his estimated wealth following the strong valuation of his oil refinery ahead of its public share offering.
The Dangote Petroleum Refinery opened its initial public offering to individual investors on Monday, September 14, in what is expected to become one of Africa’s largest IPOs.
The offer provides retail investors an opportunity to purchase up to 4.1 billion shares, representing about 3.3 per cent of the refinery, at ₦525 per share. The minimum subscription is 10 shares, while the offer is scheduled to close on October 13.
The refinery’s public offering comes about two months after a private placement that attracted substantial investor demand. The placement initially targeted $2.5 billion but eventually raised about $3.7 billion, with part of the proceeds returned because of the level of demand.
Following the private placement, the refinery’s implied valuation rose to about $42 billion. The increase lifted Dangote’s estimated fortune by roughly $20 billion to about $51 billion, according to the latest billionaire rankings.
Dangote’s stake in the refinery currently stands at about 87 per cent and could fall further if the public offer is fully subscribed or attracts additional demand.
The refinery, located in the Lekki Free Zone in Lagos, began operations in 2024 and currently has a processing capacity of about 700,000 barrels of crude oil per day. Dangote has indicated plans to eventually increase the capacity to 1.4 million barrels per day.
The facility reported a net profit of $1.82 billion in the first half of 2026, compared with a loss of $476 million during the same period in 2025.
Despite the strong financial performance, the refinery faces challenges including securing sufficient domestic crude supplies and managing fluctuations in international oil prices.
The public offering marks a major step in expanding public participation in the ownership of the refinery, while Dangote has also indicated plans to pursue an international listing in the future.
