Aliko Dangote’s wealth has increased by about $3.3 million as investors prepare for the much-anticipated public offering of shares in Dangote Petroleum Refinery.
The refinery’s Initial Public Offering is expected to open on September 14, 2026, in what could become one of the biggest equity offerings in Nigeria’s capital market.
According to Forbes’ real-time billionaire tracker, Dangote’s fortune stood at $31.5 billion as of September 4, compared with $25.6 billion at the end of 2025.
The planned refinery offering is expected to involve 4.1 billion ordinary shares priced at N525 each. If investors fully subscribe, the transaction could generate approximately N2.15 trillion, equivalent to about $1.5 billion.
Dangote recently told investors and analysts in Botswana that the offering would begin within 10 to 12 days, paving the way for the September 14 opening date.
The funds raised are expected to support the refinery’s expansion plans. The facility, which currently has an operating capacity of about 700,000 barrels per day, is targeting an eventual capacity of 1.4 million barrels per day.
The offer also comes with a 15 percent greenshoe option, allowing additional shares to be made available if demand exceeds the initial allocation.
The Securities and Exchange Commission has approved the commencement of the offer and registered 120.13 billion existing ordinary shares of the refinery, clearing an important regulatory hurdle ahead of the transaction.
Investor interest in focus
The IPO is expected to provide investors with an opportunity to take stakes in one of Africa’s largest industrial projects while also testing appetite for major Nigerian equity offerings.
The timing comes as Nigeria’s stock market has regained momentum. Market capitalisation on the Nigerian Exchange climbed to N159.6 trillion on Friday from N157.7 trillion at the start of the week, while the All-Share Index rose 1.14 percent to 246,992.44.
The rebound added roughly N1.9 trillion to market value over the five-day period.
Nigeria has also recently moved ahead of Zimbabwe to reclaim its position as Africa’s best-performing stock market in dollar terms, creating a more favourable market environment as the refinery prepares to launch its offer.
Dangote has previously outlined an ambition to transform the refinery into one of Africa’s biggest companies. The expansion is expected to play a major role in that strategy, with the businessman targeting more than $12 billion in earnings before interest, tax, depreciation and amortisation.
The valuation attached to the refinery, however, is likely to attract close scrutiny from investors, particularly given comparisons with other major refining companies globally.
The IPO will therefore serve not only as a major fundraising exercise for Dangote but also as an important indicator of investor confidence in Nigeria’s capital market and the long-term prospects of the country’s refining industry.
