Dangote seeks $1.6 billion in IPO as Nigeria's largest private company
The Dangote Petroleum Refinery launches its initial public offering today to raise $1.6 billion from investors, marking Nigeria's biggest private deal in recent history.
Aliko Dangote's Dangote Petroleum Refinery is opening its shares to the public for an initial public offering that aims to raise $1.6 billion. The company reported revenue of $13.9 billion for the first half of the year and generated earnings before interest, tax, depreciation and amortisation of $2.6 billion. It recorded a net income of $1.82 billion, reversing a loss of $475.8 million in 2025. Temi Popoola, managing director and chief executive officer of Nigerian Exchange Group, stated the transaction proves Nigeria's capital market can handle deals of global scale. This listing represents the largest private company offering in Nigeria in years. The IPO tests whether international investors view the world's largest single-train refinery as a long-term business rather than a temporary beneficiary of volatile oil markets.
