By Peace Udugba – The Daily Torch Media
Dangote Petroleum Refinery & Petrochemicals FZE has opened its Initial Public Offering (IPO) to the investing public, offering Nigerians and other eligible investors an opportunity to acquire shares in Africa’s largest refinery.
The IPO formally commenced today, September 14, 2026, at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos.
The offer comprises 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the Prospectus.
The transaction targets retail and institutional investors, as well as eligible African investors, as Dangote Refinery seeks to broaden ownership and deepen participation in Nigeria’s capital market.
IPO to Raise About N2.15trn
The public offer is expected to raise approximately N2.15 trillion, potentially making it one of the largest equity offerings in Africa.
The company said proceeds from the IPO would support its long-term growth strategy, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.
Speaking on the significance of the offering, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the IPO as a new chapter in the history of the refinery and Nigeria’s economic development.
Dangote said the offering was designed not only to raise capital but also to give Nigerians, Africans and investors globally an opportunity to participate in the growth of one of Africa’s most significant industrial projects.
He said the refinery was established to transform Africa’s energy landscape, create jobs, conserve foreign exchange and promote shared prosperity.
According to him, broad-based ownership could help strengthen the capital market, build wealth and accelerate economic inclusion.
NGX Hails Landmark Transaction
Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, described the Dangote Refinery IPO as an important development for Nigeria’s capital market.
Popoola said the transaction was significant not only because of its size but also because it would create an avenue for more Nigerians to participate in the value generated by major Nigerian businesses.
He said the NGX Group had continued to develop infrastructure aimed at improving access to the public market.
According to him, NGX Invest, alongside more than 50 distribution channels involving stockbrokers, banks and fintech companies, would help make participation in the offering more accessible to investors.
Refinery Strengthens Nigeria’s Energy Security
Dangote Refinery has become a strategic asset in Nigeria’s efforts to strengthen energy security, reduce dependence on imported refined petroleum products and conserve foreign exchange.
Since commencing commercial operations, the refinery has supplied refined petroleum products to domestic and international markets, while supporting industrial development and economic activities across the region.
The company said participation in the IPO had been structured to be accessible, transparent and technology-driven.
Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the provisions of the Prospectus.
As the IPO commencement ceremony takes place at the Nigerian Exchange in Lagos, Dangote Refinery reaffirmed its commitment to corporate governance, operational excellence, sustainable growth and long-term value creation for shareholders.
