Dangote Refinery Opens N2.15tn IPO, Targets Wider Nigerian Ownership

• Dangote Refinery is offering 4.1 billion new shares at N525 each, with the offer valued at about N2.15 trillion.

• The IPO opens on September 14 and closes on October 13, with investors able to buy a minimum of 10 shares for N5,250.

• Proceeds will support the refinery’s expansion, strategic investments, and long-term growth as the company seeks wider public ownership.

September 14, () – Dangote Petroleum Refinery & Petrochemicals FZE will on Monday open its N2.15 trillion Initial Public Offering (IPO), allowing Nigerian and other eligible investors to acquire shares in Africa’s largest refinery.

The offer comprises 4.1 billion new ordinary shares priced at N525 each, according to a statement issued by the company on Sunday. The minimum subscription is 10 shares, costing N5,250.

The offer will run from September 14 to October 13, 2026, subject to the terms contained in the prospectus, with the company targeting retail, institutional and eligible African investors.

The transaction is expected to rank among Africa’s largest equity offerings and represents a major test of the depth of Nigeria’s capital market and its capacity to channel domestic savings into large-scale industrial assets.

IPO targets wider ownership

Aliko Dangote, president and chief executive of Dangote Industries Limited, said the offering would allow ordinary Nigerians and investors across Africa to participate directly in the refinery’s growth.

He said the IPO represented more than a capital-raising exercise, describing it as part of the company’s broader objective of creating wider ownership of a major Nigerian industrial enterprise.

“The offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent,” Dangote said.

Temi Popoola, group managing director and chief executive officer of Nigerian Exchange Group, said the listing was significant not only because of its size but also because of its potential to broaden public participation in Nigerian businesses.

He said NGX had expanded its distribution infrastructure through NGX Invest and more than 50 distribution channels, including stockbrokers, banks and fintechs, to make participation in the capital market easier.

Funds to support refinery expansion

The refinery, which has a capacity of 700,000 barrels per day, has become a major player in Nigeria’s downstream petroleum market since commencing commercial operations.

It supplies refined petroleum products to domestic and international markets and has increasingly targeted exports as it scales up operations.

The IPO proceeds are expected to support the refinery’s expansion and other strategic investments as the company seeks to strengthen its position in regional and global energy markets.

The offering comes as Dangote Refinery prepares for a major expansion expected to significantly increase its processing capacity while broadening its product and export capabilities.

The company said eligible investors could subscribe through approved channels, including NGX Invest, designated commercial banks and authorised investment platforms, in line with the prospectus.