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By Ayo Kehinde
Dangote Petroleum Refinery & Petrochemicals FZE on Monday opened its initial public offering (IPO) of N2.15 trillion, allowing Nigerian and other eligible investors to acquire shares in Africa’s largest refinery.
The offering comprises 4.1 billion new ordinary shares priced at N525 each, according to a statement released by the company on Sunday. The minimum subscription is 10 shares, which costs N5,250.
The offering will run from 14 September to 13 October 2026, in accordance with the terms contained in the prospectus, and the company is targeting retail, institutional and eligible African investors.
The transaction is expected to rank among Africa’s largest equity offerings and will be a major test of the depth of Nigeria’s capital market and its ability to channel national savings into large-scale industrial assets.
Aliko Dangote, president and chief executive officer of Dangote Industries Limited, said the offering would allow Nigerian citizens and investors from across Africa to directly participate in the refinery’s growth.
He said the IPO represents more than a capital raising exercise, describing it as part of the company’s broader aim to create broader ownership of a major Nigerian industrial enterprise.
“The offering is about more than just raising capital; it is about creating an opportunity for Nigerian citizens, African citizens and investors from around the world to participate directly in one of the most transformative industrial projects ever undertaken on the continent,” Dangote said.
Temi Popoola, group managing director and chief executive officer of the Nigerian Exchange Group, said the listing was significant not only because of its size but also its potential to broaden public participation in Nigerian businesses.
He said NGX has expanded its distribution infrastructure through NGX Invest and more than 50 distribution channels, including stockbrokers, banks and fintechs, to facilitate capital market participation.
The refinery, which has a capacity of 700,000 barrels per day, has become a major player in Nigeria’s downstream oil market since it began commercial operations.
It supplies refined petroleum products to domestic and international markets and has increasingly targeted exports as it expands operations.
Proceeds from the IPO are expected to support refinery expansion and other strategic investments as the company seeks to strengthen its position in regional and global energy markets.
The offer comes as the Dangote refinery prepares for a major expansion that is expected to significantly increase its processing capacity, while expanding its product and export capabilities.
The company said eligible investors can subscribe through approved channels, including NGX Invest, designated commercial banks and authorized investment platforms, in line with the prospectus.
