Dangote Refinery IPO Expected to Open Within Days, $1 Billion Underwriting Arrangement Completed

en.Wedoany.com Reported - On September 3, Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, stated that the initial public offering (IPO) of Dangote Petroleum Refinery Company is planned to open to investors within the coming days. The company had previously confirmed its move to list the Dangote Refinery on the Nigerian Exchange, and this latest statement further advances the listing process to the stage of imminent subscription opening.

In August, the Dangote Group completed a $1 billion IPO underwriting arrangement, which includes a $600 million private placement that has been completed and fully funded, as well as an additional $400 million in underwriting commitments. The $600 million portion was underwritten and funded by Pan-African Refinery Investment SPV, a vehicle under Lilium Capital Group, which simultaneously organized subsequent underwriting participation from sovereign wealth funds, government institutions, and other qualified institutional investors.

The assets underlying this IPO are Dangote Petroleum Refinery & Petrochemicals. The refinery, located in the Lekki Free Trade Zone in Lagos, currently has a refining capacity of approximately 700,000 barrels per day. Dangote officials have previously stated that after maintenance and capacity expansion were completed in February 2026, the crude distillation capacity was increased from 650,000 barrels per day to 700,000 barrels per day. The company also plans to add approximately 700,000 barrels per day of additional refining capacity by the end of 2028, bringing total capacity to approximately 1.4 million barrels per day.

Since the Dangote Refinery commenced operations, Nigeria's refined petroleum product supply structure has undergone significant changes. Data from the U.S. Energy Information Administration, as released by the Dangote Group, shows that Nigeria's seaborne petroleum product shipments averaged 561,000 barrels per day in the second quarter of 2026, of which approximately 350,000 barrels per day were for export. During the same period, seaborne refined product imports fell below 130,000 barrels per day.