Dangote Petroleum Refinery & Petrochemicals FZE on Monday opened its landmark Initial Public Offering (IPO) to the investing public, giving Nigerians, Africans and other eligible investors an opportunity to own a stake in Africa’s largest refinery.
The IPO, which commenced on September 14, 2026, marks a major development for Nigeria’s capital market and the evolution of Africa’s investment landscape.
The offer was formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos.
The IPO comprises 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is scheduled to remain open until October 13, 2026, subject to the terms contained in the Prospectus.
The transaction is targeted at retail, institutional and eligible African investors, reflecting Dangote Refinery’s objective of broadening ownership and increasing participation in Nigeria’s capital market.
The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.
According to the company, the proceeds will be used to support the refinery’s long-term growth plans, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the offering as a new chapter for the refinery and Nigeria’s economic development.
Dangote said the IPO was not only about raising capital but also about giving ordinary Nigerians, Africans and investors around the world an opportunity to participate directly in one of the continent’s most transformative industrial projects.
He said the refinery was established to transform Africa’s energy landscape, create jobs, conserve foreign exchange and promote shared prosperity.
Dangote added that broad-based ownership could help build wealth, strengthen the capital market and accelerate economic inclusion.
Also speaking, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, said the Dangote Petroleum Refinery IPO represented an important moment for Nigeria’s capital market because of both its scale and its potential to broaden public ownership of major Nigerian businesses.
Popoola said the capital market should increasingly provide opportunities for Nigerians to participate in the value created by the country’s leading enterprises.
He said NGX Group had been building infrastructure to make public-market participation more accessible through NGX Invest and more than 50 distribution channels, including stockbrokers, banks and fintechs.
Dangote Refinery has emerged as a strategic national asset, with the company positioning it as a major contributor to Nigeria’s energy security and efforts to reduce dependence on imported refined petroleum products.
The refinery has also been positioned to help conserve foreign exchange and strengthen Nigeria’s capacity to export refined petroleum products.
Since commencing commercial operations, the refinery has supplied petroleum products to domestic and international markets while supporting industrial activity and economic development.
The company said participation in the IPO had been designed to be accessible, transparent and technology-enabled.
Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the provisions of the Prospectus.
As the commencement ceremony takes place on the NGX trading floor in Lagos, Dangote Refinery reaffirmed its commitment to operational excellence, corporate governance, sustainable growth and long-term value creation for shareholders.
The IPO therefore represents not only a major capital-raising exercise for Dangote Refinery but also a potentially significant opportunity for the investing public to participate in the ownership of one of Africa’s biggest industrial projects.
