Aliko Dangote, Africa’s wealthiest individual, could see his fortune rise by as much as $22.9 billion through a stock market listing of his oil refinery, in what would be the largest initial public offering ever recorded on the continent.
According to Bloomberg calculations, the transaction could increase Dangote’s net worth from its current $35.3 billion to $58.2 billion, positioning him among the world’s richest individuals.
The offering by Dangote Petroleum Refinery and Petrochemicals, which opened on 14 September and closes on 13 October, is expected to raise approximately $1.6 billion and value the company at nearly $50 billion.
“Nigerians and Africans must be bold and lead the change to develop our economies. Only then will others take us very seriously,” Dangote said at an IPO signing ceremony in Lagos, Nigeria.
Built on the outskirts of the Nigerian capital following an investment of approximately $19 billion, the refinery has the capacity to process 700,000 barrels of crude oil per day. Dangote intends to double that capacity, with a further $14.3 billion in planned investment.
The facility reached full capacity this year, contributing to Nigeria becoming, for the first time, a net exporter of refined fuels.
For the Dangote Group, the listing represents the culmination of more than a decade of investment and sits at the centre of the conglomerate’s strategy to increase revenues fivefold to $100 billion by the end of the decade.
The IPO was presented by Dangote as “an IPO for the people”, with a minimum subscription of ten shares and participation open to both retail and institutional investors.
RMB Nigeria Chief Executive Chidi Iwuchukwu said a transaction of this scale represents a vote of confidence in Nigeria and the broader continent. “Large listings deepen liquidity, broaden the investor base, and demonstrate that African capital markets can support world-class companies,” he said.
Expansion into East Africa
Dangote also intends to replicate the Lagos refinery model in Kenya, through a 700,000-barrel-per-day project in Lamu valued at $16 billion.
The project aims to reduce the region’s dependence on fuel imports and expand the group’s footprint in East Africa. Dangote has proposed that regional governments take a 30% stake in the venture.
“Our vision for 2030 and the Dangote Group’s motto is to accelerate the industrialisation of Africa,” Dangote said. “As we continue to invest in Nigeria as Africa’s powerhouse, we must also take this vision to other parts of the continent.”
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/15/mundo/africa/africa-dangote-pode-aumentar-fortuna-em-23-mm-com-ipo-da-refinaria/
