President of the Dangote Group, Aliko Dangote, has expressed confidence that the Dangote Petroleum Refinery and Petrochemicals FZE will become the largest company in Africa by the end of December 2026.
Dangote made the declaration on Monday, September 14, 2026, on the trading floor of the Nigerian Exchange (NGX) in Lagos, where he delivered an address to mark the commencement of the refinery’s Initial Public Offering (IPO).
The public offer opened on September 14 and comprises 4.1 billion new ordinary shares at N525 per share. Investors can subscribe for a minimum of 10 shares, valued at N5,250.
The offer is scheduled to close on October 13, 2026, subject to the terms contained in the Prospectus.
The IPO is open to retail and institutional investors, as well as eligible African investors, as Dangote Refinery seeks to broaden ownership and increase public participation in Nigeria’s capital market.
Dangote Urges Nigerians to Invest in Refinery
Speaking at the IPO ceremony, Dangote said the offer was designed to give members of the public an opportunity to own a stake in the refinery and benefit from its future growth.
“The IPO is about making sure that we invite the public so that they can get part of the investment. Most likely, people don’t even know what they are buying. But I can tell you. 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. So you are buying a future where the company will be way ahead of a lot of seven companies. Don’t let the train leave you at the station.
“However, we believe that a project of this magnitude should not create value for only a few people. Not only for Nigerians. The IPO provides an opportunity for teachers, civil servants, and people who even have their children abroad to now have the confidence of keeping them abroad, so that even when there is devaluation, they will continue to pay their school fees because you will be getting your dividends in dollars.”
Dangote said the investment could provide shareholders, including parents with children studying abroad, with a potential source of dollar-denominated dividend income.
IPO Aims to Democratise Wealth Creation
Dangote explained that the decision to list the refinery and conduct the IPO was not primarily driven by the need to raise funds.
Instead, he said the objective was to make wealth creation more accessible to ordinary Nigerians and provide the public with an opportunity to own part of what he described as one of Africa’s most significant industrial projects.
“Today is not about listing a company but about listing a company for Nigerians, for Africa and for the black race.
“Today we formally open the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, and we are inviting Nigerians, Africans, Caribbeans, Europeans, Americans, Chinese, and everybody across the world to become shareholders in one of the world’s and Africa’s most transformational industrious project.
“This moment represents the fulfillment of a commitment I made several years ago: that when the refinery becomes fully operational, of sustainable value, and de-risked investment- because we don’t want people to
