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Semafor

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Momentum grows for Africa’s largest-ever IPO by Dangote
Alexander Onukwue · 2026-06-12 · via Semafor

Anticipation is growing for Africa’s largest-ever initial public offering by Nigeria’s Dangote Refinery, with the continent’s financial services giants and retail investors gearing up to get a piece of the action.

The 650,000-barrels a day refinery plans to list shares on multiple African stock exchanges by September this year, according to its billionaire founder Aliko Dangote, beginning with the Lagos stock market where his cement unit is the largest by market capitalization at nearly $13 billion.

The company wants to raise $5 billion at a valuation of up to $50 billion, according to reports, which will make it the largest ever IPO in Africa. But the actual offer is currently being preceded by a push to raise $1 billion in the form of debt from foreign international investors, and a separate private sale of shares to high-net-worth individuals and corporates through Nigerian issuing houses. The latter is in the form of a tranche of 3 billion shares priced at 35 cents each.

Sim Shabalala, CEO of Africa’s largest bank by assets Standard Bank group, said the bank will be involved in the refinery IPO and will offer “financial advisory services and balance sheet support” to the broader Dangote group that includes fertilizer, cement, and sugar subsidiaries. The Johannesburg-based firm’s visit to the refinery follows a similar trip last month by the South African state-owned Public Investment Corporation that manages more than $180 billion in assets.

“We held an investor meet and greet in Ghana and everyone’s interest was finding out how to participate in the Dangote IPO,” Richmond Bassey, CEO of Bamboo, a Nigerian broker that operates a stock trading app with 1.7 million users, told Semafor. The startup has been the top broker on the Lagos exchange for the last two months, and said trading volume for Nigerian stocks was three times larger than that for US stocks on its app in the first quarter of this year. It reflects growing interest for Nigerian equities that will be further boosted when the Dangote refinery goes public, Bassey said.