Two people with direct knowledge of the deal said the group intends to offer 4.1 billion shares at that price, with a 15% greenshoe option included to give the sale flexibility. The sources said the company is targeting an opening of the order book on September 14. Dangote Refinery declined to comment on the proposed terms.
Aliko Dangote has told investors and analysts the IPO was expected to open within 10 to 12 days, a timeline consistent with the reported September 14 start for the order book. The sources did not disclose what percentage of the Lagos-based refinery 4.1 billion shares would represent.
Company statements and filings say the fundraising will support plans to double the refinery’s current 650,000 barrels per day capacity to 1.4 million barrels per day. The refinery’s expanding output has already begun to affect domestic statistics, as Nigeria’s oil refining sector recorded 43.94% year-on-year growth in the second quarter of 2026, per the National Bureau of Statistics’ Q2 2026 GDP report.
The planned IPO arrives as Dangote Group prepares multiple major moves. Management is advancing a Kenya refinery project that could require an estimated $17 billion and up to five years of construction, and it is also weighing a potential London listing for Dangote Cement. Executives expect the coming months to be among the group’s busiest for capital markets and expansion activity.
What happens next is concrete but limited in detail, market participants say, with an order book opening planned mid-September and the final offering size adjustable via the 15% greenshoe. Beyond that, the portion of ownership the offer will transfer remains undisclosed, leaving investors to price potential control and growth implications as subscription begins.
