Ethiopian investors wanting to buy shares in Dangote Oil Refinery Company must have a minimum net worth of 10 million birr, excluding the value of one vehicle and one primary home, according to the Ethiopian Capital Market Authority. The regulator has barred retail buyers from participating through the Ethiopian route, limiting the offering to qualified investors only. Each share costs approximately 74.9 birr, with the offering open until October 27, 2026, and participation capped at 100 qualified investors unless the authority approves a higher number.
The share sale is part of Dangote Refinery's bid to raise approximately $1.6 billion through an initial public offering of 4.1 billion new shares. The company plans to use the money for an expansion programme designed to double its crude oil processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029. Located in Nigeria's Lekki Free Zone, the refinery is Africa's largest oil-processing facility.
Dangote Refinery reported strong financial performance during the first half of 2026, generating approximately $13.6 billion in revenue and recording a profit of around $1.78 billion. However, the Ethiopian Capital Market Authority cautioned that its approval should not be interpreted as an endorsement of the investment. Prospective investors face risks including crude oil price volatility, foreign exchange movements, regulatory changes and potential delays in the expansion programme.