Dangote Plans IPO for Fertiliser Business in 2028

By Aduragbemi Omiyale

Mr Aliko Dangote has announced plans to sell shares of his fertiliser business to members of the public in 2028.

The businessman is currently offering stocks of his refinery business, Dangote Petroleum Refinery and Petrochemicals FZE, to the public through an initial public offering (IPO).

The exercise started on September 14, 2026, and is expected to close on October 13, 2026. The shares are being sold at a unit price of N525, with a minimum subscription of 10 units, amounting to N5,250.

Business Post reports that proceeds from this public sale of the refinery’s equities would be used to expand the refinery capacity to about 1.4 million barrels of crude oil per day, double the current capacity.

Speaking during an interview at the Qatar Economic Forum on Sunday, Mr Dangote said he intends to allow members of the public to invest in his fertiliser business.

Dangote Fertiliser operates a $2.5 billion fertiliser plant in Ibeju-Lekki, Lagos, with an annual production capacity of about three million tonnes of urea.

When asked about the possibility of selling the company’s shares, “Oh, yeah, yeah. I mean, we will IPO it. It’s going to be the biggest fertiliser company on earth,” he answered, stating that this “will be [in] 2028.”

Dangote Fertiliser intends to increase its production capacity to about 12 million tonnes annually by 2028, including the expansion of its Nigerian operations and a proposed plant in Ethiopia.