The Dangote Group has secured about $46bn to finance its group-wide expansion plans as it targets a market capitalisation of at least $350bn by 2030, President of Dangote Industries Limited (DIL), Aliko Dangote, has disclosed.
Dangote made the disclosure in Lagos on Monday at the formal commencement of the public offering of the Dangote Refinery, saying the conglomerate had raised funding beyond what was required to execute its current projects and was well positioned to pursue its long-term expansion strategy.
According to him, the group’s $350bn market capitalisation target by 2030 would be achievable at a price-to-earnings ratio of 10 times, while the company plans to list its operating businesses on the Nigerian capital market to broaden public ownership and unlock additional value.
“The Dangote Group has raised more than we need to execute all our projects. We have about $46bn allocated for group-wide expansion to achieve our 2030 vision, and we remain on track,” Dangote said.
He added that the group intended to list every company that would operate under its expanding portfolio, signalling a potentially significant pipeline of new listings for the Nigerian capital market.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350bn” he said.
The disclosure came as Dangote Refinery commenced its initial public offering involving 4.1 billion ordinary shares at N525 per share, giving the offer a potential value of approximately N2.15tn if fully subscribed.
The offer, which opened on Monday, will close on October 13, 2026, with a minimum subscription of 10 shares, requiring investors to commit N5,250.
The IPO is open to retail investors, institutional investors and eligible African investors, providing qualified investors with an opportunity to acquire an ownership stake in the $20bn refinery project.
Dangote formally opened the offer at the Nigerian Exchange (NGX) in Lagos by sounding the closing gong at an event marking the commencement of the public share sale.
He described the transaction as the “People’s IPO”, stressing that the offering was designed to provide Nigerians and other eligible investors with an opportunity to participate directly in the ownership and future growth of the refinery.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’,” he said.
The industrialist said the refinery’s public offering should be viewed as part of a broader growth strategy for the Dangote Group rather than an isolated capital-market transaction.
“We know the journey has actually just started. It’s not only about the refinery,” Dangote said.
The planned listings are expected to deepen the relationship between the Dangote Group and Nigeria’s capital market by potentially bringing more large-scale industrial businesses to the Nigerian Exchange and widening opportunities for domestic and institutional investors.
Beyond the Nigerian market, Dangote disclosed that the refinery could pursue an international listing within the next three to four years, suggesting that the NGX offering could serve as the foundation for the company’s broader global capital-market ambitions.
“From this exchange, then we can go to any other place,” he said.
An international listing could provide the refinery with access to a wider pool of global investors, increase its visibility among international capital-market participants and potentially provide additional avenues for raising long-term capital to support its expansion.
The refinery IPO is also significant for the Nigerian capital market because of the scale of the transaction. At N525 per share, the 4.1 billion shares on offer represent a potential N2.1525tn capital raise if fully subscribed.
The relatively low minimum subscription of 10 shares, equivalent to N5,250, is expected to facilitate participation by retail investors, while institutional and eligible African investors could provide significant depth to the offer.
The refinery, valued at about $20bn, has emerged as one of Nigeria’s largest industrial projects and a major player in the country’s downstream petroleum industry following the commencement of domestic fuel production.
The public offer therefore represents an important step towards widening ownership of the refinery while providing the company with access to Nigeria’s domestic capital market.
Market participants are expected to closely monitor subscription levels throughout the offer period, particularly given the size of the transaction and its potential impact on the Nigerian equities market.
The successful completion of the offer could also strengthen the NGX’s position as a platform for large-scale corporate fundraising and provide a precedent for other major privately owned Nigerian businesses seeking to transition into publicly listed companies.
Dangote’s disclosure of the $46bn expansion funding and $350bn market-capitalisation target, however, points to an ambition that extends well beyond the refinery.
The group’s planned listing of its operating companies could significantly increase the number and diversity of large industrial companies available to investors on the Nigerian capital market, while potentially creating new opportunities for domestic pension funds, asset managers, institutional investors and retail shareholders.
The strategy also aligns with Dangote’s broader objective of using the capital market to facilitate wider ownership and support the expansion of the group’s businesses.
With the refinery IPO now underway, investors will be assessing not only the prospects of the N2.15tn offer but also the longer-term implications of Dangote Industries’ planned expansion, additional corporate listings and potential international capital-market access.
The development could mark a new phase in the Dangote Group’s evolution, with the conglomerate positioning the Nigerian capital market as a key platform for its expansion while simultaneously targeting a $350bn market valuation by 2030.
