Dangote refinery opens public share sale
Nigerian billionaire and CEO of Dangote Group, Aliko Dangote, has officially launched Africa’s largest-ever share sale, offering the public an opportunity to own a stake in his oil refinery in a deal that could raise up to $2.1 billion.
The launch, which happened on Monday, September 14, 2026, noted that the initial public offering (IPO) represents about 3% of the refinery, with Dangote expressing his intention to give ordinary Nigerians the opportunity to benefit from the success of the facility.
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The refinery, which began production in 2024, is one of the largest in the world and took more than a decade to complete.
It also has a processing capacity of 650,000 barrels per day, making it the seventh-largest refinery in the world.
However, the refinery now supplies more than 70% of Nigeria’s energy consumption, with many Nigerians expressing excitement about the opportunity to own part of the facility.
Meanwhile, economist and business expert Dr Abdulrazak Ibrahim Fagge has cautioned prospective investors to carefully consider the risks involved before buying the shares.
Speaking in an interview with the BBC on Monday, September 14, 2026, Dr Fagge said the IPO would run for a month, with the minimum purchase set at 10 shares, costing about $4.
He warned that the value of the shares could fall, meaning investors could lose some of their money.
“What prospective buyers, especially first-time buyers, should know is that they shouldn't invest all their money or money they would need in a couple of months,” he said.
He advised investors to only commit funds they would not need in the short term, particularly those who are new to investing.
“They should invest something they could do without for the next three, four, five years,” he added.
Dr Fagge also warned prospective investors to be cautious of scammers who may attempt to take advantage of people who are unfamiliar with the share-buying process.
“I will advise people to only deal with the institutions that have been listed,” he said. The funds raised from the share sale are expected to support plans to double the refinery’s current processing capacity.
The development is being closely watched as the refinery seeks to expand its operations and further strengthen its role in Nigeria’s energy sector.
ANAS/EB
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