Overview
- The company opened a month-long retail IPO on Monday, Sept. 14, offering 4.1 billion new shares at ₦525 each with the sale running through Oct. 13 and a targeted listing in November.
- The offer could raise about $1.6 billion in gross proceeds or roughly $2.1 billion if a 30% greenshoe is exercised, implying a post-offer valuation in the $47–$50 billion range.
- Dangote and the listing sponsors are marketing the sale to ordinary Africans with a minimum purchase of 10 shares, dollar-denominated dividends, POS and fintech access, and a free-share incentive for holders who keep the minimum for 12 months.
- Company executives say most IPO proceeds will fund a $14–$14.3 billion project to expand capacity from ~700,000 bpd to about 1.4 million bpd by around 2029, while Aliko Dangote would retain roughly an 87% stake after the offer.
- Analysts and critics warn the valuation rests on recent windfall margins and that execution risks remain real, including steady crude feedstock, port and pipeline infrastructure, currency volatility, regulatory scrutiny, and the large extra financing the build-out will require.