Dangote Refinery begins Landmark IPO today

Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its initial public offering (IPO), marking a historic milestone in Nigeria’s economic development and the evolution of Africa’s capital markets. The offering will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos, offering the public, for the first time, the opportunity to own a stake in Africa’s largest refinery and one of the world’s most significant industrial projects.

The IPO, which opens today, 14 September 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offering is expected to remain open until 13 October 2026, subject to the terms set out in the Prospectus. The transaction is aimed at retail, institutional and eligible African investors, reinforcing the Dangote Refinery’s commitment to expand ownership and deepen participation in Nigeria’s capital markets.

The public offering is expected to raise about N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa. The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments and the creation of additional value for shareholders and stakeholders.

Speaking on the significance of the IPO, the Chairman and CEO of Dangote Industries Limited, Aliko Dangote, said: “Today marks the beginning of a new chapter in the history of the Dangote Refinery and, indeed, in our nation’s economic future. This offering is about more than just raising capital; it is about creating an opportunity for ordinary Nigerians, Africans and investors around the world to participate directly in one of the most transformative industrial projects ever built on the continent.

We created this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange and unlock shared prosperity. With this IPO, we are extending this vision by democratizing ownership and ensuring that millions of people can benefit from the value created.

We believe widespread ownership is one of the most effective ways to create wealth, strengthen capital markets and accelerate economic inclusion. We invite investors to join us as partners in building a globally competitive enterprise that will continue to shape the future of energy, manufacturing and economic development in Africa.”

According to Temi Popoola, Group Chief Executive Officer and Chief Executive Officer of the Nigerian Exchange Group: “The launch of the Dangote Oil Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents.

Our capital market must increasingly become a place where Nigerians can participate in the value created by our country’s most important businesses. This means expanding ownership, expanding access and creating stronger connections between Nigerian businesses and Nigerian capital.

We at NGX Group have deliberately built the infrastructure to make this possible. Through NGX Invest and connectivity across more than 50 distribution channels, including stockbrokers, banks and fintechs, we are making participation in the public market more accessible.

This is how we build an ownership economy: strong Nigerian businesses have access to long-term capital and more Nigerians have the opportunity to participate in their growth.”

The Dangote Refinery has emerged as a strategic national asset, helping to strengthen energy security, reduce dependence on imported refined products, conserve foreign exchange and position Nigeria as a major exporter of petroleum products. Since commencing commercial operations, the refinery has supplied high-quality petroleum products to domestic and international markets, while supporting industrial growth and economic transformation across the region.
The Company highlighted that participation in the offering was designed to be accessible, transparent and technologically enabled. Eligible investors may subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorized investment platforms, subject to the provisions contained in the Prospectus.

As the commencement ceremony takes place at the Nigerian Stock Exchange today, Dangote Refinery has reaffirmed its commitment to operational excellence, corporate governance, sustainable growth and long-term shareholder value creation.