LAGOS, NIGERIA – MAY 20, 2026
President of the Dangote Group, Aliko Dangote, has disclosed that the company is targeting about $2 billion in investments from private investors for the Dangote Petroleum Refinery ahead of its planned Initial Public Offering (IPO).
Dangote made the disclosure on Wednesday during a visit by Femi Otedola, chairman of First HoldCo, to the refinery complex in Lagos.
According to Dangote, the planned private placement is aimed at strengthening the refinery’s financial structure and broadening investor participation before the company is listed on the stock market.
The refinery, regarded as one of the largest single-train refineries in the world, has continued to attract attention from local and international investors since it commenced operations. Industry analysts believe the planned IPO could become one of the biggest listings in Africa’s capital market history.
Dangote said the move aligns with the company’s long-term strategy to deepen private sector participation in Nigeria’s industrial and energy sectors while boosting operational expansion.
During the visit, Otedola commended the scale of investment at the refinery, describing it as a transformational project capable of reshaping Nigeria’s petroleum industry and reducing dependence on imported refined products.
The Dangote refinery, located in the Lekki Free Trade Zone in Lagos, has recently increased its refining activities and fuel distribution capacity, contributing to changes in domestic petroleum pricing and supply dynamics across the country.
