Internet State

Nigerian billionaire Aliko Dangote has initiated Africa's largest share sale by offering a 3% stake in his oil refinery, aiming to raise up to $2.1 billion for the public. The Dangote refinery, which became operational in 2024 and processes 650,000 barrels per day, supplies over 70% of Nigeria's energy needs, following decades of fuel import reliance. The IPO will last a month with a minimum investment of 10 shares at approximately $4 each, although experts caution investors about potential share price fluctuations and the risk of scams.

Aliko Dangote is seeking to raise approximately $1.6 billion through an initial public offering of Dangote Industries to support a $14.3 billion expansion of his oil refinery, which will increase production capacity from 700,000 barrels per day to 1.4 million barrels per day. The IPO will be priced at 525 Naira ($0.40) per share for 4.1 billion shares, allowing ordinary Nigerians to invest with a minimum purchase of 10 shares, aiming to involve citizens in the refinery's ownership. Following its launch in 2024, the refinery has become a crucial supplier of fuels, contributing to Nigeria's status as a net exporter of refined fuel, and reported an after-tax profit of $1.82 billion in the first half of 2026 after experiencing a loss of $476 million in 2025.

Aliko Dangote is seeking to raise approximately $1.6 billion through an initial public offering (IPO) to support a $14.3 billion expansion plan that aims to more than double the production capacity of his oil refinery from 700,000 barrels per day to 1.4 million barrels per day. The IPO will involve selling 4.1 billion shares priced at an affordable 525 Naira each, allowing ordinary Nigerians to invest and potentially benefit from the refinery's success, which has turned Nigeria into a net exporter of refined fuel for the first time. As of the first half of 2026, the refinery reported an after-tax profit of $1.82 billion, a significant recovery from a $476 million loss in 2025.

Aliko Dangote's Nigerian oil refinery is set to launch the continent’s largest initial public offering (IPO), potentially increasing his net worth from $35 billion to nearly $60 billion, with an expected $23 billion boost. The IPO allows investment with a minimum subscription of just 10 shares at 5,250 naira (£2.94), targeting broad participation, particularly among young Nigerians. The Dangote refinery, with a capacity of 700,000 barrels per day, aims to enhance Nigeria’s energy security and reduce reliance on foreign goods while Dangote plans to build a $100 billion industrial empire across Africa.