By Ayomide Otitoju
Dangote Petroleum Refinery and Petrochemicals Limited has formally commenced the process of launching its Initial Public Offering (IPO), with the signing ceremony for the offer of 4.1 billion ordinary shares held in Lagos on Monday.
The offering is expected to provide up to 10 million Nigerians and other investors with an opportunity to own shares in Africa’s largest single-train refinery.
Industry stakeholders have described the IPO as potentially one of the continent’s largest retail investment drives, saying it could mark a significant milestone for Nigeria’s capital market and Africa’s industrial sector.
Beyond raising capital, the offer is expected to broaden public participation in one of Africa’s strategic energy assets, deepen market liquidity and create a new generation of shareholders in a company positioned as a major contributor to the continent’s energy security.
Speaking at the signing ceremony, Dangote Group President and Chief Executive, Aliko Dangote, formally unveiled the offer alongside transaction advisers, bank executives, industry leaders and other stakeholders.
Dangote said the IPO seeks to raise about ₦2.2 trillion, making it one of the most ambitious capital-raising exercises by a private company in Africa.
He said the minimum subscription had been fixed at 10 ordinary shares, representing an entry investment of ₦5,250, to encourage broad participation by retail and institutional investors.
According to Dangote, the share offer is not solely about raising capital but also about giving ordinary Nigerians an opportunity to become part-owners of the refinery.
“This IPO is not only about raising capital; it is about democratising wealth creation, broadening participation in Africa’s industrial future and giving millions of investors the opportunity to own a stake in a world-class enterprise,” he said.
Group Managing Director of Vetiva Advisory Services Limited, the lead issuing house and transaction coordinator, Chuka Eseka, said the launch followed approval by the Securities and Exchange Commission (SEC).
Eseka said the company would offer 4.1 billion ordinary shares at ₦525 per share.
The offer places the valuation of Dangote Petroleum Refinery and Petrochemicals at nearly $50 billion and is expected to provide funding for the expansion of the refinery’s production capacity from 700,000 barrels per day to 1.4 million barrels per day.
Located on a 6,180-acre complex in the Lekki Free Zone, Lagos, the refinery is Africa’s largest single-train refinery and one of the largest such facilities in the world.
