By Ayomide Otitoju
The Dangote Petroleum Refinery and Petrochemicals FZE will open its initial public offering (IPO) on September 14, 2026, in what is set to become Nigeria’s largest-ever public share sale.
The ₦2.15 trillion ($1.6 billion) offer comprises 4.1 billion ordinary shares priced at ₦525 each. The offer will close on October 13, 2026.
President of Dangote Group, Aliko Dangote, signed the offer documents on Monday at a ceremony held at Eko Hotel and Suites, Victoria Island, Lagos, alongside advisers and issuing houses managing the transaction.
Speaking at the event, Dangote said the IPO was designed to give ordinary Nigerians an opportunity to own a stake in the refinery.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” he said.
Investors will be able to subscribe from September 14 with a minimum purchase of 10 shares, costing ₦5,250.
According to Lanre Buluro, Managing Director, Investment Banking at Chapel Hill Denham, investors with a Bank Verification Number (BVN), mobile phone or laptop and a bank account can complete the subscription process within two to three minutes.
Buluro said subscriptions could be made through Moniepoint POS stations or app, MTN MoMo, Airtel, Payaza, Piggyvest, Paga, Bamboo and Chapel Hill Denham’s Invest Naija platform.
He said investors would not need an existing Central Securities Clearing System (CSCS) identity to participate, as a CSCS account would be created for them after their BVN and bank account details were verified.
He added that the stockbroker would contact successful subscribers after the offer closes and before allotment to provide their CSCS and Clearing House Number (CHN), with the allotted shares domiciled in their CSCS accounts.
Buluro advised prospective and existing investors to consult financial advisers, read the prospectus and understand the investment before committing funds.
He also explained that after the offer closes, the advisers and the Securities and Exchange Commission (SEC) would review the subscriptions and determine the final allotment.
Buluro said the offer included a provision to accommodate oversubscription, allowing about 30 per cent additional shares to be issued if demand exceeds the 4.1 billion shares on offer.
“If there is an oversubscription and they do apply that 30 per cent oversubscription amount, about 5.3 billion shares could be issued to investors,” he said.
