DANGOTE REFINERY LAUNCHES LANDMARK IPO, INVITES PUBLIC TO INVEST
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By:Aminat Tajudeen
Dangote Petroleum Refinery & Petrochemicals FZE has commenced its Initial Public Offering (IPO), marking a major milestone for Nigeria’s economy and the development of Africa’s capital markets.
The public offer officially opens today, September 14, 2026, and will be launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos. It gives members of the public an opportunity to acquire a stake in Africa’s largest refinery and one of the continent’s most significant industrial projects.
The IPO comprises 4.1 billion new ordinary shares priced at N525 each, with a minimum subscription of 10 shares valued at N5,250. The offer is scheduled to close on October 13, 2026, subject to the terms contained in the Prospectus.
The offer is open to retail, institutional and eligible African investors as Dangote Refinery seeks to broaden ownership and deepen participation in Nigeria’s capital market.
The IPO is expected to raise approximately N2.15 trillion, potentially making it one of the largest equity offerings in Africa. Proceeds from the offer will be used to support the refinery’s long-term expansion plans, strategic investments, operations and value creation for shareholders and other stakeholders.
Speaking on the significance of the offer, President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, described the IPO as a new chapter for the refinery and Nigeria’s economic development.
He said the offering goes beyond capital raising by providing Nigerians, Africans and investors globally with an opportunity to participate directly in one of Africa’s most transformative industrial projects.
Dangote said the refinery was established to transform Africa’s energy sector, create jobs, conserve foreign exchange and promote shared prosperity, adding that the IPO would further the vision by broadening ownership of the business.
He noted that wider ownership could help create wealth, strengthen the capital market and promote economic inclusion.
Also speaking, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, described the IPO as a significant development for Nigeria’s capital market.
Popoola said the importance of the transaction extends beyond its size, noting that it would provide Nigerians with an opportunity to participate in the growth of major businesses and strengthen the connection between Nigerian enterprises and domestic capital.
He added that NGX Group had continued to develop infrastructure to make public-market participation more accessible through NGX Invest and more than 50 distribution channels, including stockbrokers, banks and fintech platforms.
Dangote Refinery has emerged as a strategic national asset, contributing to Nigeria’s energy security, reducing dependence on imported refined petroleum products, conserving foreign exchange and supporting the country’s ambition to become a major exporter of petroleum products.
Since commencing commercial operations, the refinery has supplied refined petroleum products to both domestic and international markets while supporting industrial development and economic activity across the region.
The company said the IPO process was designed to be accessible, transparent and technology-driven. Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, in line with the provisions of the Prospectus.
As the commencement ceremony takes place at the Nigerian Exchange in Lagos, Dangote Refinery reaffirmed its commitment to operational excellence, corporate governance, sustainable growth and long-term value creation for shareholders.
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