**Africa's Richest Man Launches Continent's Biggest Share Sale**
**By Mansur Abubakar, Abuja**
**Published: 14 September 2026, 16:47 BST**
**Updated: 14 September 2026, 16:53 BST**
Nigerian billionaire Aliko Dangote has initiated Africa's largest-ever share sale, offering a public stake in his oil refinery in a move that could potentially raise up to $2.1 billion (£1.6 billion). The initial public offering (IPO) is set to sell approximately 3% of the Dangote refinery, which has become a significant player in the continent's energy sector.
Dangote, who is recognized as Africa's richest individual with a net worth estimated at around $28 billion, expressed his intention to allow ordinary Nigerians to participate in the success of the refinery. The facility, which commenced production in 2024, is one of the largest oil refineries globally and has been pivotal in addressing Nigeria's energy needs. Prior to its operation, Nigeria, despite being Africa's largest oil producer, relied heavily on fuel imports due to insufficient refining capacity.
The IPO is scheduled to last for one month, with a minimum purchase requirement of 10 shares, priced at about $4 each. This pricing structure aims to make the investment accessible to a broader segment of the population. Many Nigerians have shown enthusiasm for the opportunity to invest, including Isah Salisu, who shared his excitement with the BBC after withdrawing 50,000 naira (£28; $37) from his savings to participate in the IPO. "My hope is that my small money will one day grow big. I don't want to miss out as many I know are also investing," he stated.
Economy and business expert Dr. Abdulrazak Ibrahim Fagge commented on the significance of this IPO, describing it as a historic event for Nigeria and the African continent. However, he cautioned potential investors about the inherent risks associated with stock investments. Dr. Fagge advised that individuals should only invest money they can afford to leave untouched for several years, emphasizing the importance of financial prudence.
He also warned about the possibility of scams targeting inexperienced investors, urging them to engage only with officially listed institutions. "What prospective buyers, especially first-time buyers, should know is that they shouldn't invest all their money or money they would need in a couple of months," he said.
The Dangote refinery, located in the Lekki Free Zone near Lagos, has a processing capacity of 650,000 barrels per day, ranking it as the seventh-largest refinery in the world. The construction of the facility, which began in 2017, faced multiple delays, including those caused by the COVID-19 pandemic. Initially announced in 2013 with an estimated cost of $19 billion, the project required extensive land reclamation, moving approximately 65 million cubic meters of sand.
The funds raised from the IPO are intended to facilitate plans to double the refinery's capacity, further solidifying its role in meeting Nigeria's energy demands and reducing dependency on imported fuels.
As the IPO unfolds, the eyes of investors and market analysts will be closely watching the response from the public and the potential impact on Nigeria's economy. The excitement surrounding this unprecedented share sale reflects a growing interest in local investment opportunities and a desire among Nigerians to become stakeholders in significant national projects.