L-R: Ooni of Ife, Adeyeye Enitan Ogunwusi; Founder/Former Chairman, Zenith Bank Plc, Jim Ovia; Managing Director, Coronation Asset Management Limited, Aigbovbioise Aig-Imoukhuede; Group Chairman, NGX Group, Dr Umaru Kwairanga; Group Chief Finance Officer, Dangote Industries Limited, Murat Erden; Group Executive Director, Commercial Operations, Oil & Gas, Fertiliser and WAEP, Fatima Aliko-Dangote; CEO/Managing Director, Dangote Petroleum Refinery & Petrochemicals, David Bird; President/CE, Dangote Industries Limited, Aliko Dangote; Group Vice President, Oil & Gas and Fertiliser, Dangote Industries Limited, Devakumar Edwin; Group Executive Director, Commercial Operations, Cement and Foods Businesses Dangote Industries Limited, Mariya Aliko-Dangote; Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola; Lagos Governor, Babajide Sawo-Olu; at the Dangote Petroleum Refinery & Petrochemicals Initial Public Offering (IPO) Facts Behind the Figure presentation at the Nigerian Exchange (NGX), Lagos on September 14, 2026.
By Peace Udugba -The Daily Torch Media
Dangote Petroleum Refinery & Petrochemicals FZE has officially presented its $1.6 billion Initial Public Offering (IPO) to the market, marking the largest equity listing in African history. Group President Aliko Dangote pitched the public offer during a “Facts Behind the Offer” event at the Nigerian Exchange (NGX) in Lagos, framing it as a milestone for democratizing wealth creation across the continent.
The IPO offers 4.1 billion ordinary shares at N525 per share. To encourage participation across diverse socioeconomic demographics—including retail traders, civil servants, students, and diaspora investors—the transaction sets a accessible entry point of 10 shares, totaling N5,250.
”The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth,” Dangote said during the presentation. “We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history.”
Financial Performance and Market Impact
The listing values the refinery at an implied market capitalization of approximately N65.22 trillion. Combined with existing listed entities Dangote Cement Plc and Dangote Sugar Refinery Plc, the parent group’s equity cluster on the NGX will reach roughly N83.5 trillion.
The offer is backed by strong foundational earnings. Highlights from the company’s recent operational performance and offer parameters include:
- H1 2026 Revenue: N19.47 trillion
- H1 2026 Profit After Tax (PAT): N2.55 trillion
- Offer Price: N525 per share
- Minimum Subscription: 10 shares (N5,250)
- Implied Capitalization: N65.22 trillion
CEO Davide Bird noted that the facility has scaled operations to become the largest single supplier of refined petroleum products to Europe, supporting its long-term Vision 2030 objective of operating as the world’s largest integrated refinery and petrochemical complex.
Leadership and Stakeholder Reactions
The transaction has drawn widespread praise from institutional leaders across regional and capital markets:
- Umaru Kwairanga, NGX Group Chairman: Termed the offer a defining milestone for African capital markets, demonstrating the continent’s capacity to finance megaprojects internally.
- Babajide Sanwo-Olu, Lagos State Governor: Characterized the deal as a watershed moment that shifts global perceptions of African financial depth and capital mobilization.
- Kesegofetse Molatlhegi, Botswana Stock Exchange CEO: Commended the operational execution, citing it as proof of Africa’s ability to build and sustain world-class industrial infrastructure.
The public offer remains open to both retail and institutional investors across local and international jurisdictions.
