Nigerian billionaire Aliko Dangote has announced a two-week extension of the subscription period for the stock market listing of his mega oil refinery near Lagos, Nigeria. Initially scheduled to close on October 13, 2026, the subscription period will now remain open until October 27. The decision aims primarily to give more African citizens the opportunity to invest in the major industrial project, rather than to meet a fundraising target that has already been substantially exceeded.
According to Aliko Dangote, subscriptions have reportedly reached three to four times the amount initially sought. The businessman is therefore seeking to broaden participation among individual investors, particularly in Nigeria and other African countries. His ambition is to make the stock market offering accessible to a wider public and enable African citizens to become shareholders in a project considered strategically important to the continent’s economy.
The offering aims to raise approximately $1.6 billion, equivalent to around €1.4 billion, to finance the refinery’s expansion. The facility currently has a processing capacity of 700,000 barrels of crude oil per day, with plans to increase this figure to 1.4 million barrels per day. If achieved, this expansion could make it larger than the Jamnagar refinery in India, potentially turning it into the world’s largest refinery. Commissioned in 2024, the facility already produces more fuel than Nigeria requires for its domestic market and has begun exporting its output to international markets.
The initiative comes at a time when Africa remains heavily dependent on imports of refined petroleum products. According to figures reported by 2424.mg, the continent still imports more than 70% of its refined fuels. Developing local refining capacity is therefore an important economic priority, particularly for strengthening energy security, reducing dependence on foreign suppliers and encouraging regional trade.
Aliko Dangote’s industrial expansion plans are not limited to Nigeria. In late September 2026, the businessman also launched a project for a second refinery in Lamu, on Kenya’s coast, with a planned capacity of 700,000 barrels per day. This initiative forms part of a broader strategy to expand industrial development across Africa, building on the group’s existing investments in cement, sugar and fertilisers.
Beyond raising capital, the Dangote refinery’s stock market listing represents an attempt to broaden African investors’ access to major infrastructure projects on the continent. Its long-term success will depend on the ability to turn the strong interest in the offering into effective and sustained participation by small investors, while securing the funding needed to increase the production capacity of one of Africa’s most significant oil-processing facilities.
