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.