The refinery, a $20-billion behemoth outside Lagos, is offering 4.1 billion shares at 525 naira apiece. If fully subscribed, the move will raise $1.6 billion, a figure that could climb to $2.1 billion should the company trigger its greenshoe option. Financial momentum is high: the plant posted an after-tax profit of $1.82 billion for the first half of 2026, a sharp reversal from the $476 million loss recorded in 2025 as demand for jet fuel surged amid global supply disruptions.

Proceeds from the IPO are earmarked for a $14.3-billion project to push capacity to 1.4 million barrels per day. While some local investors like Lagos business owner Chris Chijioke question the valuation and potential for construction delays, others view the asset as essential infrastructure. The sale follows a successful private placement in July that saw demand outstrip supply by 3.7 times.

Beyond Nigeria, Dangote is exploring further regional growth. The company is in talks to construct a $17 billion refinery on Kenya’s Lamu Island, with potential equity stakes offered to East African governments. Meanwhile, the United Arab Emirates’ state-owned ADNOC has signaled interest in the Nigerian project, though specific terms remain private.