Africa’s richest man, Aliko Dangote, is extending the reach of his refinery share sale beyond Nigeria, giving investors in other African countries an opportunity to own a stake in one of the continent’s largest industrial projects.
The move is part of a $1.6 billion initial public offering (IPO) by Dangote Petroleum Refinery and Petrochemicals, which began on September 14, 2026. The Nigerian Exchange Group is working with other African exchanges to widen access to the offer and attract investors from across the continent.
Kenya has approved a route for eligible local investors to participate through Global Depositary Receipts (GDRs), while the Nigerian Exchange Group has also taken the offer to investors and market operators in Egypt, Ethiopia and Botswana.
However, the share sale is for Dangote’s existing refinery in Nigeria. It does not mean that the planned refinery project in Kenya is being offered to investors through this IPO.
The expansion of the offer across African markets serves two main purposes: raising capital for the refinery’s growth and broadening its ownership base.
The company is offering 4.1 billion ordinary shares at ₦525 each, with the IPO targeting about ₦2.15 trillion, equivalent to approximately $1.6 billion. The amount could increase if an over-allotment option is exercised.
Dangote Refinery plans to use the proceeds to support its expansion, including a proposed increase in refining capacity from 700,000 barrels per day to 1.4 million barrels per day.
By reaching investors outside Nigeria, the company hopes to draw on a wider pool of savings and allow more Africans to participate financially in a major industrial enterprise.
The Nigerian Exchange Group has also described the initiative as an opportunity to strengthen cooperation among African capital markets and make cross-border investment easier.
Kenya’s Capital Markets Authority approved a GDR arrangement through Renaissance Capital Kenya Limited. Under this structure, eligible Kenyan investors can gain exposure to the Nigerian refinery through certificates representing shares in the company.
GDRs are designed to make foreign investments accessible through a financial instrument that can be traded in the investor’s local market, subject to the relevant regulatory approvals and arrangements.
The Nigerian Exchange Group has also been engaging other African exchanges to explore ways of facilitating participation by investors in their markets.
The wider initiative faces practical challenges, including differences in national regulations, investment procedures and the systems used to settle cross-border transactions.
The share offer represents more than a fundraising exercise. It is also a test of whether African investors can channel money into major businesses operating beyond their home countries. For Dangote, a broader investor base could help finance expansion while giving more shareholders an interest in the refinery’s performance.
For African capital markets, the initiative could demonstrate how financial cooperation can support large industrial projects without relying entirely on bank loans or overseas capital. However, buying shares carries investment risks. Investors should review the official offer documents, understand the terms and consider their financial circumstances before committing money.