Nigeria’s biggest industrial project, the Dangote Refinery, is attracting strong investor interest ahead of its planned initial public offering (IPO), with founder Aliko Dangote revealing that the company has already received requests worth nearly $2 billion through a proposed private placement. The development signals growing confidence in the refinery’s long-term prospects as it prepares to open ownership to a wider pool of investors later this year.
Dangote disclosed the investment interest during a visit by Femi Otedola and senior executives of First HoldCo to the refinery and fertiliser complex in the Lekki Free Trade Zone. The delegation toured key facilities, including the refinery, fertiliser plants and the company’s jetty, a strategic maritime infrastructure designed to accommodate large cargo vessels and support efficient product delivery.
According to Dangote, investor demand has already surpassed expectations, with requests approaching the $2 billion mark. However, he indicated that the company may not allocate the full amount during the private placement phase, suggesting that only a portion of the requested investments could be accommodated before the public listing. The announcement highlights the strong appetite among investors seeking early exposure to one of Africa’s most significant industrial ventures.
The private placement forms part of the refinery’s broader IPO strategy, which has attracted increasing attention in global financial markets. Recent reports indicate that the company is pursuing a valuation of up to $50 billion ahead of the listing. Earlier projections suggested that as much as 10 percent of the refinery could be offered to investors, potentially making it one of the largest share offerings ever undertaken by a Nigerian company.
Although the exact date for the IPO has yet to be announced, the refinery is expected to list later in 2026. Dangote has also expressed interest in a cross-border listing structure, a move aimed at enabling investors across Africa to participate in financing the continent’s industrial transformation. If successful, the offering could reshape capital market participation in large-scale African infrastructure projects while further cementing the refinery’s position as a major player in the global energy sector.
source: The cable