Aliko Dangote, Africa’s richest man, told Ethiopian investors on Thursday that his group’s commitment to Ethiopia “has no limit,” as shares in his giant Nigerian oil refinery were formally opened to qualified Ethiopian buyers for the first time.
Speaking at the Dangote IPO Ethiopia Investor Roadshow, hosted by the Ethiopian Securities Exchange (ESX) at the Ethiopian Skylight Hotel, Dangote framed the moment as personal as much as commercial. “I am actually a citizen of Ethiopia,” he told a hall of bankers, investors, regulators and government officials.
Dangote Petroleum Refinery and Petrochemicals is selling 4.1 billion shares in what is billed as Africa’s largest-ever initial public offering. Ethiopian qualified investors can now subscribe at ETB 74.90 per share until 23 October.
“Whatever we make here, we will bring more and more here”
Dangote used the stage to lay out his group’s Vision 2030, under which it plans to invest $50 billion and grow revenue to $100 billion by 2030. Ten percent of that investment across Africa, he said, is earmarked for Ethiopia, and the country should expect even more.
“The investment in Ethiopia has no limit,” he said. “Whatever we make here, we will bring more and more here.”
In one of the evening’s biggest announcements for the local market, Dangote said 10% of the group’s Ethiopian fertilizer business will be listed on the ESX. The group is building a $2.5 billion urea complex in Gode, Somali Region, in partnership with Ethiopian Investment Holdings.
He rejected the model of shipping African raw materials and jobs abroad. Instead, he said, Dangote aims to bring jobs and value addition to Ethiopia, turn local resources into value-added products for export, and help make the continent self-sufficient.
Dangote also set out the scale of his ambitions beyond Ethiopia. The Lagos refinery is set to expand to 1.4 million barrels a day, and the group plans to invest in 10,000 megawatts of power generation across the continent. He said the group expects $36 billion in revenue by the end of this year and aims to pay off all its debt by this October.
“African enterprises financed by Africans”
Ethiopian officials welcomed the offer as a step toward a more connected African financial system.
Ahmed Shide Speaker of Ethiopian Parliament described the deal as a model of “African enterprises financed by Africans.” He pointed to Dangote’s fertilizer investment in Ethiopia and to the value of interconnected financial markets across the continent, and thanked Dangote for opening the investment to Ethiopian investors.
Dagmawit Shifera said the offer creates a real opportunity for Ethiopia’s qualified investors and advances the interconnection of African capital markets.
On behalf of the exchange, speakers thanked Dangote for choosing the Ethiopian market, calling it a sign of confidence in the country’s capital market and a contribution to a stronger financial sector. They described the ESX as a fair and trusted market where Ethiopian investors can now share in the growth of one of Africa’s largest companies.
Who can invest in Ethiopia?
For the first time, the Ethiopian Capital Market Authority (ECMA) has exempted a foreign company — Dangote Petroleum Refinery — from registration so it can offer shares to investors in Ethiopia. The condition: only qualified investors may buy.
| Who qualifies | High-net-worth individuals with net worth of at least ETB 10 million (excluding one motor vehicle and the primary residence), and institutional investors |
| Price per share | ETB 74.90 |
| Application deadline | 23 October 2026 |
| Where to apply | Appointed distributors: United Capital, CBE Capital Investment Bank and Wegagen Capital Investment Bank |
A milestone for a young market
The roadshow is part of a pan-African push by Dangote to build a shareholder base across the continent. The refinery’s IPO, priced at ₦525 per share, seeks to raise about $1.6 billion, with proceeds going toward doubling capacity. The wider offer closes on 27 October, and trading on the Nigerian Exchange is expected to begin in early December.
Under ECMA’s notice issued on 13 October, participation in Ethiopia is capped at 100 qualified investors unless the Authority approves more, and the shares may not be marketed to the general public.
For the ESX, which opened in January 2025 as Ethiopia’s first stock exchange in about half a century, the deal is a landmark: a major African company offering its equity directly to Ethiopian investors. It is also an early test of the interconnected African markets that speakers championed throughout the evening.
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