By TheDailyNewsHub
Aliko Dangote has projected that the Dangote Petroleum Refinery and Petrochemicals will become the largest company in Africa by the end of December 2026, as the multibillion-dollar facility begins its public share offering.
Dangote made the projection on Monday, September 14, 2026, during the official opening of the refinery’s Initial Public Offering (IPO) on the trading floor of the Nigerian Exchange (NGX) in Lagos.
“By the end of this year, this is going to be the largest company in Africa, not in Nigeria,” Dangote told investors and other participants at the IPO ceremony.
He urged prospective investors to see the share offer as an opportunity to participate in the refinery’s future growth rather than simply as a conventional investment.
The IPO comprises 4.1 billion new ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares, valued at ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026, subject to the terms of the prospectus.
If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion, making it one of the largest equity offerings in Africa.
Dangote said the primary purpose of taking the refinery to the public market was not simply to raise funds but to broaden ownership and allow Nigerians, Africans and other eligible investors to participate in the value created by the industrial project.
He said the group had already secured significant funding through a private placement and had substantial capital available for its wider expansion plans.
“The primary purpose of making this offer is to democratise wealth creation,” Dangote said, adding that the group had about $46 billion in projects in its investment pipeline as it works towards its Vision 2030 objectives.
The billionaire businessman also linked the public offering to his broader vision of ensuring that major African businesses create wealth beyond their founders.
The refinery, located in the Lekki area of Lagos State, is Africa’s largest oil refinery and currently has a processing capacity of about 700,000 barrels of crude oil per day. The company has also announced plans to expand its capacity further.
Dangote’s latest projection follows comments he made days earlier in which he expressed confidence that the refinery could become Africa’s largest company by size and profitability.
Speaking at the 2026 ADF Africa Diaspora Leadership Programme Young Global Leaders Convening in Lagos on September 10, Dangote said, “By the grace of God, this refinery will be the largest company in Africa by size and profitability.”
The IPO is also expected to give ordinary investors direct access to ownership in the refinery for the first time. Dangote said the objective was to enable people including teachers and civil servants to participate in the prosperity generated by the business.
He also told investors that the refinery’s proposed dividends would be dollar-denominated, an arrangement he argued could provide some protection against naira depreciation for shareholders with foreign-currency obligations.
However, Dangote’s prediction remains a projection, not a confirmed future valuation. Whether the refinery becomes Africa’s largest company by December will depend on its valuation, financial performance, investor demand and the performance of other major African companies.
The public offering itself is now underway, with investors able to subscribe through approved channels. The Securities and Exchange Commission has separately warned Nigerians against fraudulent and unauthorised platforms claiming to offer access to the Dangote Refinery IPO.
For now, Dangote’s ambitious December target adds another dimension to the refinery’s transition from a privately owned mega-project into a publicly held company, with millions of potential investors watching closely to see whether the industrial giant can deliver on its founder’s bold prediction.