Nigeria: Dangote Refinery Opens Order Book for $1.6 Billion Africa's Biggest IPO

What the report says

Dangote Refinery is set to open the order book for a $1.6 billion initial public offering, according to Premium Times as republished by AllAfrica. The share sale is scheduled to run for about a month, from Monday through 13 October, with a listing expected in November. The offer covers 4.1 billion shares priced at N525 each, and the minimum subscription is 10 units.

The report says the refinery is using the IPO to finance expansion of its processing capacity, which currently stands at 700,000 barrels per day, with a stated goal of doubling that scale by 2030. It also intends to widen ownership by bringing in retail investors across Africa, a push described by Aliko Dangote as part of a broader effort to promote continental inclusiveness. Vetiva Advisory Services is named as the lead issuing house, alongside several joint issuing houses.

Premium Times reported that the company has already attracted strong interest from investors, noting that a July private placement was oversubscribed. The refinery is also exploring wider regional ambitions, including a possible cross-border listing and plans to quote its stock in several African markets. Beyond this specific transaction, the development matters because it could become one of the continent’s largest equity offerings and a major test of investor appetite for large-scale industrial projects in Africa.