Dangote Petroleum Refinery & Petrochemicals FZE has filed an IPO application with Nigeria’s Securities and Exchange Commission targeting approximately $5bn — which would be Africa’s largest-ever IPO, roughly 5-6x the size of the previous Nigerian record. The primary listing is on the Nigerian Exchange (NGX), targeting October 2026. The refinery is valued at $40-50bn. The IPO is structured as a ‘people’s IPO’ aimed at Nigerian retail investors. A $2.5bn private placement (3.7x oversubscribed) was closed in July 2026 as a pre-IPO round.
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