Nigerian billionaire Aliko Dangote has opened Africa's largest-ever initial public offering, offering a stake in his Lagos oil refinery to the general public in a deal targeting around $1.6 billion — and potentially as much as $2.1 billion if demand triggers a greenshoe option. The IPO, which launched on September 14 at the Nigerian Stock Exchange, offers 4.1 billion shares at roughly $0.38 each, with a minimum purchase of just 10 shares. Trading on the Nigerian Exchange is expected to begin in November when the offer closes on October 13.

The Dangote Petroleum Refinery, located in the Lekki Free Zone near Lagos, is already one of the world's largest, processing between 650,000 and 700,000 barrels of crude per day. It began production in 2024 after more than a decade of planning and construction, transforming Nigeria — Africa's biggest oil producer — from a country that had to import most of its refined fuel into one that now supplies over 70% of its own energy needs and exports diesel and jet fuel to markets across Africa and Europe. The refinery reported $1.82 billion in profit after tax in the first half of 2026, reversing a $476 million loss the previous year. Dangote, 67, who built his estimated $28 billion fortune in cement and sugar before expanding across 16 African countries, says he intends to use the IPO proceeds to fund a $14.3 billion expansion that would double capacity to 1.4 million barrels per day by 2029, potentially making it the world's largest refinery.

Speaking at the launch ceremony, Dangote called the occasion