Aliko Dangote, president of Dangote Group, has announced that his refinery has received a swooping billion dollars in financial interest ahead of its scheduled Initial Public Offering in September 2026.
He made the announcement during a recent visit to the 650,000-barrel-per-day refinery by First HoldCo chairman Femi Otedola and senior management from the financial institution.
According to him, massive demand from both institutions and private investors has exceeded the planned amount of the placement prior to the refinery’s listing on the Nigerian Exchange Market.
“We have a lot of demands in billions of dollars,” he stated. “The advisers are still evaluating to see how much we are going to go to the market with,” he said.
He stated that the firm aimed to exceed the gigantic $100 billion revenue objective in four years.
This comes as Otedola revealed plans to spend $100 million in the Dangote Refinery.
According , the refinery, which now feeds the majority of Nigeria’s domestic petroleum demand, is nearing the end of its public listing on NGX.
According to latest data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Lekki-Lagos refinery has reached 99.12 percent capacity as of April 2026.