Tuesday, September 8, 2026

Dangote group outlines Ethiopian expansion plans in historic multi-trillion Naira IPO launch

By our staff reporter

Dangote Industries Limited has officially commenced preliminary activities for what is projected to be the largest initial public offering (IPO) in the history of the African capital market. During a landmark signing ceremony for the 700,000-barrel-per-day Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise, Group President and Chief Executive Alhaji Aliko Dangote emphasized that accelerating continental industrial development and securing energy independence remain critical priorities.

According to the comprehensive corporate strategy unveiled at the event, industrial expansion initiatives will extend far beyond Nigerian borders into key African nations. Dangote explicitly highlighted ongoing expansion plans spanning Ethiopia, Kenya, Tanzania, and Namibia.

Valued in the multi-trillion Naira range, the transaction aims to raise upwards of 2.15 trillion Naira at an introductory offer price of 525 Naira per share. Intentionally designed as an “IPO for the people,” the offering features an accessible minimum subscription threshold of just 10 shares—valued at 5,250 Naira (approximately $4)—enabling everyday retail participants, including drivers, cooks, and small-scale savers, to secure a direct financial stake in the enterprise.

Leadership underscored that the structure is intended to foster broad-based wealth creation and generational savings across the continent rather than serving merely as a tool for narrow market capitalization maximization.

The IPO values the refinery at nearly $49 billion, with the company planning to deploy proceeds toward doubling current capacity to 1.4 million barrels per day by 2028, positioning it as the world’s largest refinery. The offering comprises 4.1 billion ordinary shares, with the public offer scheduled to open on September 14 and close on October 13, 2026, followed by an anticipated main board listing on the Nigerian Exchange in November.

In a parallel regional development, the Dangote Group has previously offered East African nations a 30 percent equity stake in its planned Lamu refinery project, with the total equity tranche valued at approximately $1.5 billion.

Expected to begin construction in September 2026 and take up to four years to complete, the $16 billion project will be situated on Lamu Island off the coast of Kenya, matching the flagship Nigerian refinery with a capacity of 700,000 barrels per day.
Kenya has previously expressed interest in acquiring a 10 percent stake for $500 million, with Ethiopia and Rwanda anticipated to hold the remaining shares. The Lamu refinery is projected to source its crude oil primarily from South Sudan, Uganda’s Lake Albert via the East African Crude Oil Pipeline (EACOP), and Kenya’s Turkana oil fields.

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