Dangote Petroleum Refinery and Petrochemicals has opened its initial public offering, giving retail and institutional investors an opportunity to acquire shares in the company.
The offer consists of 4.1 billion new ordinary shares priced at ₦525 each. It could raise approximately ₦2.15 trillion, equivalent to about $1.6 billion, if fully subscribed.
Applications opened on Monday, 14 September, and are scheduled to close on 13 October 2026, subject to the terms contained in the approved prospectus.
Investors can apply for a minimum of 10 shares, requiring an initial subscription of ₦5,250.
Offer launched at NGX ceremony
Aliko Dangote, president and chief executive of Dangote Industries Limited, formally marked the opening of the offer during a ceremony at the Nigerian Exchange in Lagos.
The Nigerian Exchange Group described the transaction as a significant moment for Nigeria and Africa’s capital markets.
Lagos State Governor Babajide Sanwo-Olu and representatives of the company, government and Nigerian capital market attended the presentation.
The offer targets retail and institutional investors, as well as eligible investors in other African countries. Participation outside Nigeria remains subject to the prospectus and the securities laws applying in each jurisdiction.
The opening of the offer should not be confused with the start of normal stock-market trading. Reuters reported that trading in the shares is expected to begin in late November after the offer and allocation process have been completed.
Proceeds to support expansion
The company plans to use the proceeds to support its long-term growth, operational expansion and other strategic investments.
Dangote has announced plans to increase the refinery’s capacity to 1.4 million barrels per day by 2029.
The refinery, located in the Lekki Free Trade Zone in Lagos, was built at an estimated cost of about $20 billion. Its original production capacity was designed at 650,000 barrels per day, although the facility has tested production at higher levels.
Operations began in 2024, with the refinery producing diesel, aviation fuel and petrol for Nigeria and export markets.
The public offer follows a private placement completed earlier in the year. According to Reuters, that transaction raised about $2.5 billion from institutional investors.
Dangote promotes wider ownership
Speaking at the NGX ceremony, Dangote described the offer as an effort to broaden ownership of the refinery and allow more Nigerians to benefit from its growth.
He presented the transaction as part of a wider plan to open major businesses within the Dangote Group to public investment.
However, prospective investors will still need to assess the company’s valuation, debt, operational risks and future earnings before making a decision. An IPO provides an opportunity to own shares, but it does not guarantee a profit or dividend.
A prospectus summary published by Proshare contains further information about the offer, the refinery’s finances, planned use of proceeds and investment risks.
SEC warns against fraudulent platforms
Nigeria’s Securities and Exchange Commission has warned investors against using unauthorised websites or platforms claiming to sell shares in the offer.
According to a report carrying the SEC warning, applications should be made through approved channels such as NGX Invest, designated commercial banks and authorised investment platforms.
Investors should confirm that any intermediary is properly registered and should read the approved prospectus before submitting money or personal information.
The announcement is one of the largest capital-market transactions undertaken in Africa and is expected to test investor demand for a major privately developed industrial project.
