/ Nov 13, 2026
/ Nov 13, 2026

Dangote says refinery will be Africa’s biggest company by December

Published on

By

President of Dangote Group, Aliko Dangote, has projected that the Dangote Petroleum Refinery and Petrochemicals FZE will become the largest company in Africa by the end of December 2026.

 

Dangote made the projection on Monday, September 14, during the formal opening of the refinery’s Initial Public Offering (IPO) on the Nigerian Exchange trading floor in Lagos.

The IPO comprises 4.1 billion new ordinary shares priced at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250. The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

Dangote said the offering was designed to give Nigerians and other investors an opportunity to own a stake in Africa’s largest refinery, rather than simply raise funds for the group.

“By the end of this year, this is going to be the largest company in Africa, not in Nigeria,” Dangote said.

He urged investors not to miss the opportunity, saying the IPO was intended to broaden participation in the wealth generated by the refinery.

According to Dangote, the offer is also designed to benefit teachers, civil servants and Nigerians with financial obligations abroad. He said shareholders could potentially receive dividends in dollars, which he argued could help investors manage the impact of naira devaluation.

Dangote said the decision to take the refinery to the capital market followed his earlier commitment to allow the wider public to benefit from the project once it became fully operational and financially de-risked.

He said the group was not undertaking the IPO because it needed funds, noting that Dangote Group currently has about $46 billion in projects in its investment pipeline as it works towards its Vision 2030 objectives.

The public offer is expected to raise approximately ₦2.15 trillion, potentially making it one of Africa’s largest equity offerings.

The company said the funds would support the refinery’s long-term growth, operational expansion, strategic investments and further value creation for shareholders.

The offering is open to retail, institutional and eligible African investors, with subscriptions available through approved channels, including NGX Invest, designated commercial banks and authorised investment platforms, in line with the prospectus.

The IPO follows an earlier private placement through which Dangote said the group raised $2.5 billion, comprising $1 billion from the private placement and $1.5 billion from the IPO plan.

You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Must Read

Inspector-General of Police (IGP) Tunji Disu speaking at a youth leadership and security dialogue in Abuja.

2027 elections: IG cancels police leave, orders security crackdown

The Inspector-General of Police, Olatunji Disu, has cancelled the leave of police officers assigned to election security duties ahead of Nigeria’s 2027 general elections and ordered an intensified nationwide crackdown on banditry.   Disu also directed the immediate deployment of additional police personnel, operational vehicles and air support to communities affected by bandit attacks. He gave Commissioners of Police in affected states 72 hours to submit updated security threat assessments and operational requirements to Force Headquarters. The directives were announced on Wednesday during the monthly conference of strategic senior officers of the Nigeria Police Force in Abuja. The police chief acknowledged that bandit attacks remained ongoing in some states, stressing the need for intelligence-led operations and stronger collaboration with local communities. He directed the Deputy Inspector-General of Police in charge of Operations to coordinate the deployment of additional personnel and equipment to affected areas in consultation with the relevant police commands. Disu also instructed police commands to strengthen intelligence gathering by engaging traditional rulers, village heads, hunters’ associations and local vigilante groups. He said communities must have the confidence to provide information that could help security agencies identify and apprehend bandits. IG restricts police officers’ movement ahead of 2027 elections On preparations for the 2027 general elections, Disu announced the immediate cancellation of leave for all officers and men assigned to election security duties. He also directed Commissioners of Police and other senior officers to remain within their respective commands until the conclusion of the electoral process. According to him, any senior officer seeking to travel outside their area of responsibility must obtain express approval from Force Headquarters. The IGP further ordered police commands to verify the readiness of election security equipment, communication facilities, operational vehicles and protective gear, with reports due before the end of the week. He directed Commissioners of Police to establish direct coordination with the Independent National Electoral Commission, the military, the Department of State Services and the Nigeria Security and Civil Defence Corps. Disu warned officers against allowing politicians to use them to compromise the electoral process, facilitate thuggery or interfere with voters’ rights. He stressed that the police would remain non-partisan and provide equal protection to candidates, political parties, supporters and eligible voters, regardless of their political affiliations. He warned that officers found colluding with political actors or undermining the integrity of elections would face disciplinary action in accordance with the law. Police arrest 218 suspected bandits, rescue 95 kidnap victims Meanwhile, Disu disclosed that the police had arrested 218 suspects for banditry and terrorism since the last strategic officers’ conference. The Force also arrested 85 suspected armed robbers, 129 suspects for murder and culpable homicide, 59 suspected kidnappers and 120 suspected cultists. He added that police operations within the period led to the rescue of 95 kidnap victims and the recovery of 306 assorted firearms, 630 rounds of ammunition of various calibres and 116 stolen vehicles. The IGP commended officers involved in the operations, acknowledging their contributions to the achievements recorded by the Force. IG orders payment of fallen officers’ benefits Disu also directed Commissioners of Police to ensure the immediate payment of outstanding death benefits and entitlements owed to families of officers killed in the line of duty. He instructed commissioners to personally verify pending cases in their commands, stressing that families of fallen personnel should not be left without support. Additionally, he ordered a welfare audit across police commands to identify outstanding entitlements, accommodation challenges and other pressing welfare needs. The reports are expected to reach his office within 30 days. The police chief also urged senior officers to strengthen supervision, discipline and operational effectiveness while warning against corruption, extortion, abuse of authority and unlawful use of force.
Read more

Editor's Pick

Trending News

Newsletter

Enter your email address and receive notifications of news by email.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

© 2026 GongNews. All Rights Reserved.