Africa’s richest man Aliko Dangote is set to see his net worth rise from $35 bn to almost $60 bn if the Dangote Petroleum Refinery and Petrochemicals flotation on the Nigerian Stock Exchange goes ahead. The company’s IPO, the largest ever on the continent, would bring in about $23 bn, or £17 bn, in new equity. The move would make the refinery the most valuable listed company in Africa.
Dangote has described the offering as an “IPO for the people” and has aimed to attract a wide range of investors. The minimum subscription is 10 shares at 5,250 naira (about $2.94) and the subscription window closes on 13 October. The listing has been promoted through banking platforms and fintech firms to young Nigerians, positioning it as a vehicle for wealth creation and economic growth.
The refinery, which opened in January 2024 on the outskirts of Lagos, has a capacity of 700,000 barrels a day and is expected to double by the end of the decade. Its operation has turned Nigeria into a net exporter of refined fuel for the first time, ending the country’s reliance on crude exports and imported petroleum. The facility has already benefited from global supply disruptions caused by the Iran war, with Brent crude spiking to $108 a barrel.
Dangote says profits will be reinvested to build a $100 bn industrial empire across Africa, including a $17 bn energy complex in Lamu, Kenya, with a 700,000‑barrel‑a‑day refining capacity. At the IPO signing ceremony on 7 September, he urged Africans to lead economic change. Fellow billionaire Tony Elumelu hailed the IPO as a landmark moment for Nigeria and a milestone for the continent.
