SEC approves Dangote Refinery IPO to raise N2.15tn

Dangote Oil Refinery Set for High-profile IPO After SEC Approval
…Proposed 4.1 Billion Share Offering Could Raise About ₦2.15 Trillion

The Securities and Exchange Commission (SEC) has approved the commencement of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for what could be one of the largest capital markets transactions in Nigerian history.
The approval was conveyed by letter to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the SEC Securities and Investment Services Department, Abdulkadir Abbas.
According to the Commission, the proposed offering consists of 4.1 billion ordinary shares priced at ₦525 per share, with the potential to raise about ₦2.15 trillion if full subscription is taken. Additionally, the SEC has registered 120.13 billion of the company’s existing common shares.
This regulatory approval finalizes the refinery’s draft offering documents and authorizes the company to proceed with the Settlement Board Meeting and Signing Ceremony, which marks an important milestone in the IPO process.
SEC clearance represents another major step in the evolution of the Dangote Oil Refinery, opening up investment opportunities in one of Africa’s most strategic industrial assets and further strengthening Nigeria’s capital markets.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemical Complex occupies approximately 2,635 hectares of land and is home to integrated refining and petrochemical facilities. The complex currently has a refining capacity of 700,000 barrels per day, making it the largest single-train refinery in the world, next to a polypropylene plant with a capacity of 900,000 tons per year. This facility is supported by a special power plant with a capacity of 435 megawatts.
At full production levels, the refinery is designed to meet Nigeria’s domestic demand for refined petroleum products while producing large volumes for export markets. The facility is also undergoing an expansion that is expected to increase capacity to 1.4 million barrels per day, making it the largest refinery in the world.
The refinery is supported by extensive world-class infrastructure, including self-contained marine facilities designed to optimize logistics and transport efficiency. The company also has five of the largest single-order Single Point Moorings (SPM) in the world and incorporates advanced processing technology that meets World Bank, United States Environmental Protection Agency (EPA), European emissions standards, and Nigerian regulatory requirements.
Its integrated port infrastructure includes multiple berths capable of handling Panamax vessels, liquid cargo shipping and roll-on/roll-off operations, while its storage network consists of 177 tanks with a combined capacity of 4.742 billion liters.
With SEC approval secured, the refinery is poised to embark on a historic public offering that could significantly expand investor participation in one of Nigeria’s most transformative industrial ventures.