The Dangote refinery plans its stock market launch in October without dual listing in Africa.

The Dangote refinery could conduct one of the largest IPOs ever held in Africa. The company aims to raise about $5 billion through a public offering expected on the Nigerian Exchange.

According to sources close to the matter cited by Reuters, Dangote Petroleum Refinery & Petrochemicals FZE has submitted an IPO application to the Securities and Exchange Commission of Nigeria. The company hopes to receive regulatory approval in the coming weeks and publish its prospectus in September. The operation could then be completed in October 2026.

However, the timeline remains tight and subject to change. The final amount raised will depend on various factors including the conditions set by the regulator, the offer structure, and investor demand.

A valuation close to $40 billion

The company has not yet specified the proportion of its capital that will be offered to the public. However, a recent private deal provides an indication of its valuation.

According to Reuters, a placement of $2.5 billion for 6% of the capital would have valued the refinery at around $40 billion. This level appears high compared to several international groups with similar refining capacities.

A previous private fundraising, announced in June, aimed for about $1 billion with a valuation close to $39.1 billion. Investor demand reportedly exceeded the target amount.

The funds raised during the introduction are expected to support the increase in capacity for the Lekki refinery and contribute to financing new industrial projects, including a proposed refinery in Kenya. The Nigerian facility currently has a nominal capacity of 650,000 barrels per day.

The main listing is to take place in Nigeria. No direct dual listing is planned at this stage, despite interest expressed by several African financial centers, particularly in South Africa, Kenya, Egypt, Ghana, and Rwanda.

However, financial instruments replicating the performance of shares listed in Lagos may be offered to facilitate the participation of investors based in other African countries. The Kenyan market alone could mobilize up to $500 million, according to a source close to the operation.

The proposed introduction also has the support of several African financial institutions. Standard Bank Group has notably expressed its willingness to assist with the listing and future expansion projects of the Dangote Group.

An offer still subject to SEC approval

The process comes after a warning from the Nigerian regulator against unauthorized campaigns inviting investors to reserve or pre-finance shares of the refinery.

On June 23, 2026, the Securities and Exchange Commission indicated that no public offering application had yet been submitted or approved. It ordered an immediate halt to commercial solicitations and the refund of any amounts collected.

The situation has since evolved. According to information published on August 4 by Reuters, the file has now been submitted to the regulator, but no definitive approval has been announced yet.

Investors will therefore have to wait for the approved prospectus to know the exact share of capital being offered for sale, the share prices, detailed financial data of the refinery, and the risks associated with the operation.

Built in Lekki, near Lagos, at a cost exceeding $20 billion, the Dangote refinery began operations in 2024. Its development aims to reduce Nigeria’s and other African markets’ reliance on imported refined fuels.