Dangote Refinery’s IPO is scheduled for September, with investor demand approaching $2 billion.

The planned Initial Public Offering (IPO) of the Dangote Refinery is expected to launch in September, with investor interest already approaching $2 billion ahead of the official market debut.

President and Chief Executive of the Dangote Group, Aliko Dangote, disclosed this during a media interaction after hosting First HoldCo Chairman Femi Otedola and other top executives on a tour of the refinery in Lagos.

He said strong demand has already emerged even before the formal private placement stage begins.

According to him, investors have shown significant interest in acquiring shares, with commitments already nearing $2 billion.

“Right now, when we even say we are going to do private placement, already we have people who have actually requested to buy. And we have an amount of almost $2 billion,” Dangote said.

He added that while allocations are still being finalised, the company is working towards a broad public offering designed to ensure wider ownership participation.

“Our target really is to get the larger part of the society to buy,” he said.

Dangote explained that the IPO is aimed at allowing everyday investors to benefit from the refinery’s long-term growth, comparing the vision to early investments in global tech giants.

“What we are trying to do is actually bringing in people when it is at this low level and for them to have an upside,” he said.

On his part, Femi Otedola revealed plans to invest about $100 million personally in the refinery’s shares, noting that he is redirecting proceeds from his stake in Geregu Power to participate in the offering.

The Dangote Refinery, located in the Lekki Free Zone, has a capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery. It began large-scale production of fuel products in 2024 after years of construction, estimated at about $20 billion.

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The IPO is projected to become one of the largest capital market listings in African history, with reports suggesting a potential valuation of up to $50 billion and a possible 10 per cent stake on offer.

The refinery has become a key part of Nigeria’s energy supply chain, reducing reliance on imported petroleum products and boosting local refining capacity.

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