Aliko Dangote
Susan Abayomi
The long-awaited Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE has received regulatory approval, paving the way for investors to acquire shares in one of Nigeria’s biggest industrial projects.
The Securities and Exchange Commission (SEC) has approved the proposed offering of 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion.
The public offer is expected to open on September 14, 2026, marking a major step towards the refinery becoming a publicly owned company.
What Investors Should Know
The Dangote Refinery, located in the Lekki area of Lagos, is designed to process about 650,000 barrels of crude oil per day. The facility is regarded as one of Africa’s most significant energy infrastructure projects.
According to reports, the company plans to use funds raised through the IPO to support further expansion of the refinery, including a proposed increase in capacity to approximately 1.4 million barrels per day.
The SEC has also registered the refinery’s existing 120.13 billion ordinary shares as part of the regulatory process surrounding the public offering.
The offering could become one of the largest transactions in Nigeria’s capital market and is expected to attract considerable interest from investors and other market participants.
How the Offer Will Work
The proposed IPO involves the sale of 4.1 billion ordinary shares at the approved price of ₦525 each. Reports also indicate that the transaction may include a 15 per cent greenshoe option, which could allow additional shares to be offered if demand exceeds the initial offer size.
The formal terms, eligibility requirements and subscription procedures will be contained in the approved offer documents and prospectus.
Prospective investors are advised to rely on information issued through the SEC and other authorised capital-market channels rather than unofficial advertisements or unsolicited offers.
This is particularly important because the SEC had earlier warned the public against unauthorised pre-IPO solicitations relating to Dangote Refinery, including requests for advance payments or guaranteed allocations.
A Major Milestone for Nigeria’s Capital Market
The IPO represents a significant development for Nigeria’s capital market, as it could broaden public participation in the ownership of one of the country’s most strategically important industrial assets.
Dangote Industries had earlier announced a $1 billion underwriting programme to strengthen the capital-market foundation for the planned IPO.
With SEC approval now secured and the offer price established at ₦525 per share, attention is shifting to the September 14 opening of the public offer.
The transaction is expected to remain closely watched as Dangote Refinery seeks to raise fresh capital, expand its operations and strengthen its position in Nigeria’s energy sector and the wider African market.
