Dangote Refinery Launches $1.6 Billion IPO Targeting 10 Million African Retail Investors

Dangote Refinery launched Africa's largest initial public offering on Sept. 29, 2026, seeking to raise $1.6 billion and targeting 10 million retail investors at a $47 billion valuation. The subscription period closes Oct. 13. The offering, marketed as an "IPO for the people," allows a minimum subscription of 10 shares. Dangote Group CEO Aliko Dangote will retain over 80% ownership post-listing. Proceeds will fund a $14 billion expansion to double crude processing capacity from 700,000 barrels per day to 1.4 million bpd by 2029. Demand surged at launch, with digital investment platforms overwhelmed by traffic. Bamboo, a major Nigerian platform, recorded traffic 10 times normal levels within 30 minutes and suffered outages. Nigeria currently has approximately 2.7 million active investors. The IPO could quadruple that figure. Bloomberg estimates Dangote's personal wealth could rise 64% to $58.6 billion following the listing.