DANGOTE PETROLEUM REFINERY SET FOR LANDMARK IPO FOLLOWING SEC APPROVAL
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The Securities and Exchange Commission (SEC) has given the green light to start the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, which could become one of the biggest financial deals in Nigeria’s history.
The approval was given in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, and it was signed by Abdulkadir Abbas, the Director of the Securities and Investment Services Department at the SEC.
According to the Commission, the proposed offering comprises 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed. In addition, the SEC has registered the company’s existing 120.13 billion ordinary shares.
The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.
The SEC’s clearance represents another major step in the evolution of Dangote Petroleum Refinery, opening investment opportunities in one of Africa’s most strategic industrial assets and further strengthening Nigeria’s capital market.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex occupies approximately 2,635 hectares and is home to a world-class integrated refining and petrochemicals facility.
The complex currently has a refining capacity of 700,000 barrels per day, making it the largest single-train refinery in the world, alongside a 900,000 tonnes per annum polypropylene plant. The facility is powered by a dedicated 435-megawatt power plant.
At full production, the refinery is designed to satisfy Nigeria’s domestic demand for refined petroleum products while generating substantial volumes for export markets. The facility is also undergoing expansion that is expected to increase capacity to 1.4 million barrels per day, positioning it to become the world’s largest refinery.
The refinery is supported by extensive world-class infrastructure, including a self-sufficient marine facility designed to optimise logistics and freight efficiency.
It also has the biggest single group of five Single Point Moorings (SPMs) in the world and uses advanced processing technology that follows the standards set by the World Bank, the United States Environmental Protection Agency (EPA), European emission rules, and Nigerian regulations.
Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments, and roll-on/roll-off operations, while its storage network comprises 177 tanks with a combined capacity of 4.742 billion litres.
With SEC approval now secured, the refinery is poised to embark on a historic public offering that could significantly broaden investor participation in one of Nigeria’s most transformative industrial ventures.
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