Africa’s largest single-train oil refinery is preparing to go public in what is expected to become the continent’s biggest initial public offering. Dangote Petroleum Refinery & Petrochemicals is targeting a listing on the Nigerian Exchange (NGX) with a prospectus anticipated in September 2026 and the offer expected to conclude in October 2026. Sources familiar with the plans indicate the company aims to raise up to around $5 billion, potentially at a valuation near $40 billion, following a successful private placement earlier this year that valued the business in that range.
The primary listing will be on the NGX. While there has been strong regional interest, a dual or foreign listing is not planned in the near term (management has indicated at least three years of proven performance before considering one). The company has framed this as a “people’s IPO,” with a focus on broad Nigerian (and African) participation.
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