The Dangote Petroleum Refinery has been valued at $39.1 billion as it advances a private placement to attract new investors and broaden ownership. An information memorandum shows it is offering 3 billion shares at $0.35 each. The pricing implies the valuation, placing the refinery just below South Africa’s Naspers, which boasts a market capitalization of $40.7 billion on the JSE.

The offer is expected to raise roughly $1 billion in fresh capital. Demand has been strong so far, with early indications suggesting the placement may be oversubscribed once subscriptions close. Multiple sources familiar with the process say commitments have already crossed $2 billion, a figure also confirmed by Africa’s richest man Aliko Dangote.

The private placement is part of a broader funding and expansion plan that could later lead to a public listing. Advisers working on the transaction are preparing for a potential initial public offering that targets a valuation closer to $50 billion. Under the plan, Dangote may sell as much as a 10 percent stake in the refinery, raising up to $5 billion in additional capital if market conditions hold.

Local production powers global energy independence

Since beginning fuel production in 2024, the refinery has steadily increased output of gasoline, diesel, and aviation fuel. It has also built a growing base of international buyers, with shipments regularly moving to Europe, including the U.K., France, Spain, Italy and the Netherlands. Cargoes have also been sent to the United States, while jet fuel exports have reached Saudi Arabia.

The refinery’s emergence as a major supplier comes as global energy flows continue to adjust to supply disruptions and shifting trade routes. Several African countries have increased purchases from the facility, seeking more reliable access to refined products closer to home.

Data from S&P Global Commodities shows the refinery ranked as the world’s largest exporter of jet fuel in April. Beyond exports, the plant has helped ease pressure on Nigeria’s fuel import bill by increasing domestic availability of refined products and reducing reliance on overseas supply.

Facility passes performance test above expectations

Inside the mega refinery under the Dangote Group, engineers say the plant is being adapted to process as many as 130 crude oil grades. This flexibility allows operators to switch feedstock types depending on price and availability, helping stabilize operating costs in a volatile market.

In a recent performance test conducted by independent licensors, the refinery processed about 700,000 barrels of crude per day, above its original design expectations. The result underscores the scale of the operation and its position as one of the world’s largest single-train refining plants.