Dangote seeks $1.6 billion in IPO to fund refinery expansion in Nigeria

Aliko Dangote’s conglomerate is courting investors for a $1.6 billion capital raise intended to fund a $14.3 billion expansion of the Dangote Refinery in Lagos. The project, which aims to double the refinery’s processing capacity from 650,000 to 1.2 million barrels per day, is positioned as a cornerstone of Nigeria’s drive toward energy self‑sufficiency and is expected to reduce the country’s reliance on imported petroleum products.

The financing plan includes a public offering that could allow millions of Nigerians to acquire a stake in the refinery, potentially broadening domestic ownership of the nation’s largest industrial asset. Analysts note that the high subscription price and the scale of the investment may limit participation to affluent individuals and institutional investors, raising questions about the extent to which the broader population will benefit directly from the equity opportunity.