Dangote and Investment Banks Finalise ₦2.15tn Refinery Share Offer

Dangote Group and its appointed investment banks have signed the registration documents for the initial public offering of Dangote Petroleum Refinery and Petrochemicals, clearing another major step towards the company’s listing on the Nigerian Exchange.

The signing ceremony formalised an offer of 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the transaction will raise approximately ₦2.15 trillion, equivalent to about $1.6 billion.

The public offer is scheduled to open on September 14 and close on October 13, 2026. Trading in the refinery’s shares is expected to begin on the NGX in November, subject to the completion of the listing process.

Stanbic IBTC Capital, Vetiva Capital Management and FirstCap are among the financial advisers and issuing houses coordinating the landmark transaction.

Nigeria’s Securities and Exchange Commission has approved the offer and registered the refinery’s existing 120.13 billion ordinary shares.

Combining the new shares with the existing share capital places the refinery’s indicative valuation at approximately $49 billion, or more than ₦65 trillion at the offer price.

If successfully completed, the transaction could become the largest initial public offering recorded on an African stock exchange.

Aliko Dangote, Chairman of Dangote Group, described the listing as an opportunity to broaden ownership beyond governments and institutional investors.

He said the company’s “IPO for the people” was structured to allow ordinary Africans—including workers, drivers, cooks and managers—to own shares in the refinery.

Retail investors can participate with a minimum purchase of 10 shares, representing an initial subscription of ₦5,250.

Part of the proceeds will support plans to expand the refinery’s processing capacity from approximately 700,000 barrels per day to 1.4 million barrels per day by 2029.

The proposed expansion is estimated to cost $14.3 billion, meaning the money raised from the IPO will finance only a portion of the project. The company is expected to mobilise additional capital as the development progresses.

The listing will also test the depth of Nigeria’s capital market and investors’ appetite for large infrastructure and industrial assets.

While the size and strategic importance of the refinery could attract significant interest, investors will still need to evaluate its valuation, profitability, debt obligations, operational risks and exposure to changes in Nigeria’s energy and foreign-exchange policies.

The refinery, which began operations in 2024, has increased Nigeria’s domestic production of petrol, diesel, aviation fuel and other petroleum products while supporting exports to other markets.

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Africans Can Own Dangote Refinery Shares with ₦5,250 Minimum Investment

Dangote Petroleum Refinery and Petrochemicals is opening its ownership to retail investors across Nigeria and other African markets through an initial public offering expected to raise about ₦2.15 trillion.

Under the offer, the company will sell 4.1 billion ordinary shares at ₦525 per share. Investors must purchase a minimum of 10 shares, placing the lowest subscription amount at ₦5,250.

The public offer is scheduled to open on September 14 and close on October 13, 2026. The shares are expected to begin trading on the Nigerian Exchange in November, subject to the completion of the listing process.

Nigerian retail investors will be able to submit applications through a designated electronic platform, while qualified investors in other African countries will use a separate distribution channel.

The Securities and Exchange Commission has reportedly approved the offer, which is expected to become Africa’s largest initial public offering if fully subscribed.

Dangote Refinery is projected to raise approximately ₦2.1525 trillion before expenses. After estimated transaction costs of ₦41.49 billion, the company expects to retain about ₦2.111 trillion.

The net proceeds will support part of the refinery’s proposed expansion programme.

Dangote currently operates refining capacity of about 700,000 barrels per day and plans to add another 700,000 barrels, potentially increasing total capacity to approximately 1.4 million barrels per day by 2029.

The expansion is estimated to cost $14.3 billion. Because the IPO proceeds will cover only part of the projected expenditure, the company will require additional financing as construction progresses.

The share price places Dangote Refinery’s indicative market capitalisation at about ₦65.22 trillion upon listing, compared with a stated pre-listing valuation of approximately ₦63.07 trillion.

For Aliko Dangote, the offer is designed to raise long-term growth capital while giving more Africans an opportunity to hold shares in one of the continent’s largest industrial assets.

However, prospective investors will need to examine the final prospectus, the company’s earnings, operational risks, expansion costs and the valuation attached to the business before subscribing.

The refinery began operations in 2024 and has since expanded Nigeria’s domestic production of petrol, diesel, aviation fuel and other petroleum products. It also exports refined products to African and international markets.

The public offer represents a significant shift in the ownership structure of the privately developed refinery and could deepen retail participation in Nigeria’s capital market.

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Real estate has emerged as the most preferred investment asset across Nigeria, Ghana, Kenya, and Uganda in 2025, reflecting a strong shift toward property as a hedge against economic uncertainty.

This is according to Risevest’s Cost of Living Report 2025, which analyzed more than 19,000 validated responses from investors across the four African markets. The report shows that property investments now account for the largest share of portfolio allocations among respondents.

Property Outpaces Stocks and Mutual Funds

The findings indicate that real estate captured 22.32% of total investment allocations, making it the top-performing asset class in the survey.

Stocks followed at 20.51%, while mutual funds accounted for 18.10%. Fixed deposits represented 7.54%, cryptocurrency stood at 5.28%, agritech investments made up 0.60%, and other asset classes accounted for 10.71%.

The report also reveals that 85.1% of respondents were active investors in 2025, highlighting a growing culture of wealth-building across the four countries. Only 14.93% reported not participating in any investment activity during the year.

Why Investors Prefer Real Estate

Across Nigeria, Ghana, Kenya, and Uganda, investors continue to view real estate as a stable and tangible asset. Property offers rental income, capital appreciation, and portfolio diversification benefits.

In periods of inflation and currency volatility, many investors see real estate as a reliable store of value. The asset class allows individuals to balance risk while targeting long-term growth.

Direct property ownership remains popular, covering residential, commercial, and industrial developments. Returns typically come from rental yields or rising property values over time.

At the same time, Real Estate Investment Trusts (REITs) are expanding access to property markets. REITs allow investors to pool funds into professionally managed portfolios while earning dividend income and maintaining liquidity.

Nigeria and Kenya Strengthen REIT Markets

Nigeria’s REIT market features key players such as SFS REIT, UPDC REIT, and UH REIT. The Federal Government-backed MOFI Series 2 Real Estate Investment Fund also provides additional structured access to property assets.

In Kenya, products like dollar-denominated I-REITs and the Acorn Student Accommodation REIT support commercial and student housing developments.

According to the report, total mutual fund assets in Nigeria reached ₦7.67 trillion by December 2025. Real estate funds and REITs accounted for ₦483.06 billion, representing 6.30% of total assets under management.

Meanwhile, South Africa continues to dominate the continent’s REIT landscape, controlling over 95% of Africa’s $29 billion REIT market with more than 30 listed vehicles on the Johannesburg Stock Exchange.

Balancing Stability and Growth

The data suggests that African investors are combining traditional financial instruments with property-focused portfolios to manage economic risks. While equities and mutual funds remain relevant, real estate offers perceived stability during uncertain market cycles.

As interest rates, housing demand, and inflation trends shape African economies, property investments are increasingly positioned as a core strategy for wealth preservation and long-term financial security.

The Risevest report reinforces the growing importance of real estate investment in Nigeria, Ghana, Kenya, and Uganda as investors seek dependable returns in evolving economic environments.

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Alt Text: Real estate investment trends in Nigeria, Ghana, Kenya and Uganda
Title: Real Estate Emerges as Top Investment Choice in Africa
Caption: Property leads investment allocations across four African countries in 2025
Description: Risevest Cost of Living Report 2025 shows real estate outperforming stocks and mutual funds in Nigeria, Ghana, Kenya and Uganda

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real estate, REIT market Africa, property investment Nigeria, Kenya real estate, Ghana property market, Uganda investment, Risevest report, African investors, mutual funds Nigeria, Africa housing market

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