Dangote predicts refinery will become Africa’s largest company by year-end

Aliko Dangote, president of the Dangote Group, has said he expects Dangote Petroleum Refinery and Petrochemicals FZE to become Africa’s largest company by the end of 2026 as the refinery begins a public share offering.

Dangote made the projection on Monday at the Nigerian Exchange (NGX) in Lagos during the opening of the company’s initial public offering (IPO).

The offer comprises 4.1bn new ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares, equivalent to ₦5,250. The offer opened on 14 September and is expected to close on 13 October 2026, subject to the terms of the prospectus.

The company is seeking to raise about ₦2.15tn through the offer, which is open to retail, institutional and eligible African investors.

Dangote said the listing was intended to broaden ownership of the refinery and allow members of the public to participate in the business.

“The IPO is about making sure that we invite the public so that they can get part of the investment,” he said.

Dangote said he expected the refinery’s value and operations to expand significantly before the end of the year.

“Everything is in the hands of God, but by the end of this year, this is going to be the largest company in Africa, not in Nigeria,” he said.

He said the company wanted the economic value generated by the refinery to extend beyond its existing shareholders, describing wider public ownership as a central objective of the listing.

Dangote also said shareholders could potentially benefit from dollar-denominated dividends, which he argued could provide some protection against naira depreciation, particularly for Nigerians with financial obligations abroad.

He said the company was not primarily undertaking the IPO because it needed to raise money, but to widen participation in the refinery.

“The primary purpose of making this offer is to democratise wealth creation,” Dangote said.

He added that the Dangote Group had about $46bn in planned investments and expansion projects as part of its Vision 2030 strategy.

According to Dangote, an earlier private placement attracted demand beyond the amount the company intended to accept, which he cited as evidence of investor interest in the refinery.

Temi Popoola, group managing director and chief executive of Nigerian Exchange Group, said investors would be able to participate through approved channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the prospectus.

Proceeds from the public offer are expected to support the refinery’s expansion, strategic investments and other long-term growth plans.