Aliko Dangote has projected that the Dangote Refinery is on track to become the largest company in Africa by the end of December 2026. The prediction comes as the company officially opens its initial public offering (IPO) to investors today, September 14, 2026.
The IPO involves the issuance of 4.1 billion new ordinary shares. The company has set the offer price at N525 per share, providing a pathway for retail investors to participate in the energy giant’s growth.
According to reports from Channels Television, the minimum subscription for the offering is 10 shares, which carries a total cost of N5,250. The move is expected to attract significant interest from both institutional investors and the Nigerian public.
IPO structure and market implications
The launch of this IPO marks a transition for the Lekki-based refinery from a private industrial project to a publicly listed entity. By offering 4.1 billion new ordinary shares, the company seeks to broaden its capital base and provide liquidity to its stakeholders.
The refinery, located in the Lekki Free Zone, is one of the largest single-asset investments on the continent. Its scale is designed to address Nigeria’s long-standing reliance on imported petroleum products by providing a massive domestic supply of refined fuels, including gasoline, diesel, and aviation fuel.
The claim that the refinery will lead the continent in terms of corporate size by the end of the year rests on its projected revenue and market valuation as it reaches full operational capacity. If successful, the company’s market capitalisation could surpass that of existing African giants in the banking, telecommunications, and mining sectors.
The timing of the IPO is critical for the Nigerian economy. As the refinery ramps up production, the country expects a reduction in foreign exchange pressure caused by fuel imports. This shift could lead to improved stability in the Naira and a more predictable energy market for local manufacturers and consumers.
Investors are now looking toward the Nigerian Exchange (NGX) to see how the refinery’s listing will affect market liquidity and sector indices. The subscription period is currently active, with analysts monitoring the rate of uptake to determine the final pricing and the overall impact on the Nigerian capital market.
The company has not yet released a specific timeline for the conclusion of the subscription window, but the immediate focus remains on the processing of applications for the 4.1 billion shares currently on offer.
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