Aliko Dangote, president of Dangote Group, revealed that the company targeted about $2 billion through private placement for Dangote Petroleum Refinery. He made the statement when Femi Otedola, chairman of First HoldCo, visited the facility on Wednesday.
The 650,000 barrels per day refinery in Lagos operated at significant capacity and reduced Nigeria’s reliance on imported fuel. It supplied a large share of the country’s petrol needs and exported refined products to several African countries. Officials noted that the facility transformed fuel supply chains across the region.
Dangote highlighted the progress during the visit. He said the private investment would support further expansion before the initial public offering.
Dangote Group prepared for a major IPO in mid-2026. The listing targeted the Nigerian Exchange as the primary venue, with possible cross-listings on other African bourses. Reports indicated the company could offer around 10 percent of the refinery, with valuations discussed between $20 billion and $50 billion.
Advisers, including Stanbic IBTC Capital, Vetiva Advisory, and FirstCap, structured the deal. The move aimed to broaden ownership and fund growth plans that included doubling refining capacity to 1.4 million barrels per day.
Otedola and his team toured the refinery and discussed energy security. Sources mentioned strong interest from private investors, though specific commitments remained unconfirmed at the time of the announcement. Dangote emphasized that the capital raise would position the refinery for long term success.
The development followed the refinery’s shift toward full use of Nigerian crude and steady production increases. Industry observers viewed the private placement as a step to stabilize finances and attract broader participation ahead of the public offer.
