Aliko Dangote says Refinery IPO could happen in July 2026

Aliko Dangote says Nigerians may be able to buy shares in the Dangote petroleum refinery by July, a move that would open one of Africa’s biggest industrial projects to local investors.

Dangote made the announcement while speaking about plans to allow public participation in the refinery, which has become a central part of Nigeria’s push to reduce fuel imports and expand domestic refining capacity.

The planned share sale would mark a major shift for a project that has so far been closely held and financed through a mix of private capital, debt and strategic partnerships. It would also give retail investors a chance to own part of a refinery that has dominated business and energy discussions in Nigeria for years.

The refinery, located in the Lekki area of Lagos, has a nameplate capacity of 650,000 barrels per day and began producing refined products after years of delays and cost overruns. Since coming onstream, it has been watched closely by traders, regulators, marketers and households because of its potential effect on fuel supply and pricing in Nigeria.

Dangote has previously said he wants broader Nigerian participation in the refinery. Opening the business to public shareholders would also help the company deepen its domestic investor base at a time when the project is moving from construction into scale up and expansion.

The timing is significant. Dangote has spoken publicly about plans to expand refinery capacity beyond the current level, and a share sale could support that ambition while giving the market a way to value the business more directly.

The proposed offer is also likely to attract strong interest because of the refinery’s strategic role. Nigeria is Africa’s biggest crude oil producer, but it has long depended on imported refined fuel due to weak local refining. Dangote’s refinery was built to change that balance by processing crude at home and supplying petrol, diesel, jet fuel and other products to the local and regional market.

A public listing or partial share sale would still depend on regulatory approvals, transaction structuring and market conditions. Dangote did not present full pricing details in the remarks, and it remains unclear how much of the refinery would be offered first.

Even so, the announcement signals a new phase for the project. After years of construction risk and early operating challenges, the focus is shifting toward ownership, expansion and how Nigerians can participate financially in a refinery that has already changed the country’s energy conversation.