Dangote Refinery IPO in Nigeria Gets US$1 Billion Backing
Advisers say Nigeria's Dangote Refinery has a US$1 billion underwriting programme behind its planned Lagos listing - US$600 million already funded and US$400 million promised for the IPO itself. The post Dangote Refinery IPO in Nigeria Gets US$1 Billion Backing appeared first on The Rio Times .
Dangote Refinery, Africa's largest plant, is preparing to list on the Nigerian Exchange with a $1 billion underwriting programme in place, according to its advisers. The underwriting consists of a fully funded $600 million tranche and a $400 million commitment to support the public offering. The IPO aims for a total valuation of about $5 billion, positioning it as the largest share sale ever conducted on an African exchange.
Recent private sales suggest the refinery's value ranges between $39 billion and $40 billion. The Lekki Free Zone plant, owned by Dangote Petroleum Refinery and Petrochemicals FZE, operates at a nameplate capacity of 650,000 barrels per day, reaching 700,000 barrels per day during a June 2026 test. The IPO application has been submitted to Nigeria's Securities and Exchange Commission, with an expected listing in October 2026.
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