UPDATED: DANGOTE REFINERY LAUNCHES N2.15TN IPO ON NGX

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By:Aminat Tajudeen

President of Dangote Industries Limited, Aliko Dangote, on Monday sounded the gong at the Nigerian Exchange (NGX) to formally open the N2.15tn Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.

The ceremony, held on the trading floor of the NGX in Lagos, marked a significant milestone for Nigeria’s capital market, as Dangote Refinery became the first refinery to be offered to investors on the Nigerian stock market in the Exchange’s 66-year history.

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 opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

The N2.15tn offer value represents the total value of the 4.1 billion shares at N525 per share if fully subscribed. The offer is open to retail, institutional and eligible African investors, providing members of the public and other qualified investors with an opportunity to acquire an interest in the refinery.

Speaking after sounding the gong, Dangote described the offering as a move to broaden public participation in the ownership of the company, stressing that the refinery IPO was only the beginning of a wider plan to bring more companies under the Dangote Group to the capital market.

“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.

“It’s not only about the refinery,” he said.

Dangote explained that the “People’s IPO” was intended to promote broader participation in the ownership of one of Africa’s largest industrial projects.

He also highlighted his long-standing relationship with the Nigerian Exchange and its role in efforts to transform and democratise the capital market.

“Mr Chairman, CEO and other managers of the Stock Exchange, the Stock Exchange is something that I have actually been fully involved with the transformation,” he said.

The businessman said the public offer should not be regarded as an isolated transaction, disclosing that the Dangote Group planned to list all its companies that would operate in the future.

“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he added.

Dangote said the NGX would provide a platform for the group to pursue listings on other exchanges, while identifying Nigeria and Africa as the foundation of its expansion.

“From this exchange, then we can go to any other place.

“So, Nigeria and Africa is our base. We want to make sure that we join our continent,” he said.

The IPO gives investors an opportunity to acquire an ownership stake in Dangote Refinery, located in the Lekki Free Zone, Lagos. The refinery has been positioned as a major project in Nigeria’s efforts to expand domestic refining capacity and reduce reliance on imported petroleum products.

Lagos State Governor, Babajide Sanwo-Olu, attended the ceremony alongside other prominent personalities, including President/Chairman of NGX Group, Umaru Kwairanga; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II; founder of Zenith Bank, Jim Ovia; and Vice President, Oil and Gas and Fertiliser, Dangote Industries Limited, Devakumar V.G. Edwin.

Members of the Dangote family, including two of Dangote’s daughters, were also present at the event.

The opening of the IPO marks a major step in Dangote Refinery’s transition from a privately held industrial project to a company with broader public ownership through Nigeria’s capital market.

With the offer price set at N525 per share and a minimum subscription of 10 shares, the IPO provides individual investors with a relatively accessible entry point into the landmark offering.

The offer will run from September 14 to October 13, 2026, subject to the terms contained in the prospectus.