By Ayomide Otitoju
The Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE has opened on the Nigerian Exchange (NGX), offering Nigerians and other eligible investors an opportunity to acquire shares in Africa’s largest refinery.
The offer was formally launched on Monday, September 14, 2026, during a gong-sounding ceremony at the NGX in Lagos and will close on October 13, 2026.
The IPO comprises 4.1 billion new ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares valued at ₦5,250.
The offer is expected to raise about ₦2.15 trillion, equivalent to approximately $1.6 billion, following approval by the Securities and Exchange Commission (SEC).
The refinery, located in the Lekki Free Zone, has a stated capacity of 700,000 barrels per day, with plans to expand capacity to 1.4 million barrels per day.
Speaking at the launch, President of the Dangote Group, Aliko Dangote, said the primary objective of the IPO was to broaden ownership of the refinery rather than raise capital for the group’s expansion plans.
“Today is not about listing a company but about listing a company for Nigerians, for Africa and for the black race,” Dangote said.
He said the company had reached a stage where its operations and investment profile could support wider public participation, adding that the offer would enable investors to share in the value created by the refinery.
According to Dangote, the group had already secured sufficient capital through an earlier private placement to support its expansion plans.
He said the private placement had attracted strong investor demand, with the group receiving applications exceeding the amount it sought to raise.
Dangote said the refinery’s public offer was intended to give Nigerians, Africans and other eligible investors an opportunity to participate directly in the company’s ownership.
He also highlighted the company’s proposed dividend structure, saying dollar-denominated dividends could provide investors with returns less exposed to fluctuations in the naira.
The businessman said the IPO was also intended to broaden participation in wealth creation by allowing workers, professionals and other retail investors to own shares in the refinery.
The Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, said subscription channels had been structured to provide investors with convenient access throughout the offer period.
Eligible retail and institutional investors can subscribe through NGX Invest, authorised investment platforms and designated commercial banks.
Economist and Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, said the IPO could attract more Nigerians into the capital market and encourage a stronger investment culture.
Rewane said increasing the number of shareholders would broaden participation in the capital market and create greater public ownership of major Nigerian businesses.
He also distinguished investment from gambling and betting, noting that investment decisions are based on identifiable financial and business parameters, unlike activities primarily dependent on chance.
The IPO comes as Dangote Refinery moves to expand its industrial capacity and broaden ownership through the Nigerian capital market.
