Africa's richest man Dangote's IPO out of reach in Nigeria

The industrialist Aliko Dangote is turning to Nigerians to help finance the next growth phase of his oil refinery : The richest man in Africa announced that he is seeking to attract about $1.6 billion (€1.4 billion) by going public.

This initial public offering of Dangote Industries is intended to help support a $14.3 billion expansion, which would more than double the refinery's production capacity. In absolute numbers, it would increase capacity from 700,000 barrels per day (bpd) to 1.4 million bpd.

It would also include new petrochemical and refining units designed to reduce Nigeria 's reliance on imports of some petrochemical products while also allowing the plant to produce different grades of diesel.

This plan would make the refinery one of the largest single-site refining complexes in the world.

Dangote's ambitious plans also include the launch of a processing plant in Kenya to extend his reach from the Atlantic to the Indian Ocean, which is planned to be launched in partnership with governments in eastern Africa.

Since it began operations in 2024, the Dangote Petroleum Refinery has started to reshape Nigeria's fuel market and has become one of the few businesses in the world to benefit from the ongoing supply disruptions caused by the war in Iran.

The refinery has become an important supplier of petrol and other fuels domestically and abroad; in fact, it made Nigeria a net exporter of refined fuel for the first time after reaching its full capacity in early 2026.

The refinery reported making an after-tax profit of $1.82 ​billion in the first half ​of 2026, following ⁠a $476 million loss for all of 2025.