Dangote Refinery IPO: Nigerians to Buy Shares by July 2026 Amid $20B Valuation

Aliko Dangote, the Chairman of the Dangote Group, has officially announced that Nigerians will be able to purchase shares in the $20 billion Dangote Petroleum Refinery within the next four to five months. Speaking on Monday, February 23, 2026, during a high-profile visit by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, and other top officials, Dangote confirmed that the refinery is preparing for a landmark listing on the Nigerian Exchange (NGX). This move is designed to democratize ownership of Africa's largest single-train refinery, allowing everyday citizens to transition from consumers to stakeholders in a project that currently defines Nigeria's energy future.

​The IPO Timeline: When Can You Buy?

​According to the timeline provided by the billionaire industrialist, the window for share purchases is expected to open between June and July 2026. This announcement follows months of speculation regarding the refinery’s public listing. Dangote emphasized that the priority is to ensure broad-based participation rather than allowing a few large institutions to dominate the shareholding structure.

​"Individually, Nigerians too will have an opportunity in the next maximum four or five months—they will actually be able to buy their shares," Dangote stated. This listing is projected to significantly deepen the Nigerian capital market, potentially boosting the NGX's market capitalization and attracting a new wave of retail investors eager to benefit from the refinery’s massive output and export potential.

​Dividends in Dollars: A Hedge Against Inflation

​One of the most attractive features of the upcoming Dangote Refinery IPO is the flexibility in dividend payments. Dangote revealed that shareholders will have the choice of receiving their dividends in either Naira or US Dollars. This is possible because the refinery generates substantial foreign exchange through the export of refined products and petrochemicals, such as polypropylene and fertilizers.

Feature	Details
Projected Listing Date	June – July 2026
Refinery Valuation	$20 Billion – $25 Billion
Dividend Currency	Choice of Naira or US Dollars
NNPCL Current Stake	7.25%
Daily Output Capacity	650,000 Barrels Per Day

For many Nigerian investors, the option to receive dollar-denominated dividends offers a rare and valuable hedge against the volatility of the local currency. This "Innovative Dollar Dividend Offer" is expected to be a primary driver for the IPO’s success, positioning it as a premium investment vehicle in the West African region.

​NNPCL’s 7.25% Stake and the Strategic Partnership

​During the tour, Dangote clarified the NNPCL’s role in the refinery’s success. The state-owned oil firm currently holds a 7.25% equity stake in the facility, which Dangote noted is a larger percentage than Elon Musk’s personal stake in Tesla. He described the NNPCL as a key partner and "not just a guest," highlighting the deepening collaboration between the two entities to ensure national energy security.

​This visit by Bayo Ojulari and the NNPCL board marks a significant shift toward total cooperation after previous tensions regarding crude supply and pricing. The refinery is now a central hub for Nigeria’s "Renewed Hope" agenda, aiming to eliminate the country's dependence on imported fuel and save billions in foreign exchange annually.

​Expanding into Petrochemicals and Africa’s Needs

​Beyond fuel, the refinery is scaling up its industrial impact. Within the next 30 months, the complex is set to begin the production of Linear Alkyl Benzene (LAB), a fundamental raw material for detergent manufacturing. Currently, most African nations import this chemical; Dangote’s goal is to supply the entire continent from the Lekki Free Trade Zone.

​As the refinery targets an ultimate processing capacity of 1.4 million barrels per day over the next three years, the upcoming IPO is more than just a financial event—it is a public invitation to join a movement toward African industrial self-sufficiency. For prospective investors, the next four months represent a crucial period for financial planning as they prepare for what is likely to be the largest listing in the history of the Nigerian stock market.