The Dangote Petroleum Refinery is preparing for a public share sale that could raise up to $2 billion, in what may become the largest stock market listing in Africa’s history.

According to a Bloomberg report, the refinery plans to launch an Initial Public Offering (IPO) in September 2026, with strong interest already emerging from institutional investors, wealthy individuals and retail investors. Investor demand has reportedly approached $2 billion even before the formal launch of the offering.

The company is expected to sell about 10 per cent of its shares, with the refinery potentially valued at around $40 billion. Some market estimates place its value closer to $50 billion.

Located in the Lekki Free Trade Zone in Lagos, the refinery has become a key player in Nigeria’s energy sector since beginning operations. The facility has helped reduce the country’s dependence on imported fuel and increased exports of refined petroleum products to regional markets.

The planned IPO has attracted attention from regulators, with the Securities and Exchange Commission reportedly suspending marketing activities linked to the offer earlier this month over concerns about promotional campaigns. However, investor interest has remained strong.

The refinery previously raised significant interest through a private placement exercise, receiving about $2 billion in subscriptions while seeking to raise $1 billion.

The company said it had carried out several engagements with local and international investors and was encouraged by the level of interest received. It added that discussions on the final size, timing and structure of the IPO are still ongoing.

Analysts say the offering could serve as a major test of the depth of African capital markets while giving investors an opportunity to own a stake in one of the continent’s largest industrial projects. Government officials have also expressed support, saying broader public participation could help create wealth and boost economic growth.