Aliko Dangote
Susan Abayomi
Dangote Petroleum Refinery and Petrochemicals FZE has taken another major step towards becoming a publicly owned company with the signing ceremony for its proposed Initial Public Offering (IPO) held in Lagos.
The ceremony, which took place yesterday, Monday, September 7, 2026, marked a significant milestone in the company’s plan to open ownership of the multibillion-dollar refinery to retail and institutional investors.
The proposed public offer comprises up to 4.1 billion ordinary shares priced at ₦525 per share. The minimum subscription is set at 10 shares, equivalent to ₦5,250, with subsequent applications to be made in multiples of 10 shares. The proposed terms remain subject to the applicable regulatory and offer conditions.
The Securities and Exchange Commission (SEC) had earlier approved the proposed offer, clearing the way for the completion of the necessary processes ahead of the public offer. The transaction could raise approximately ₦2.15 trillion if fully subscribed.
Speaking at the signing ceremony, President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, said the offering was designed to give ordinary Nigerians an opportunity to participate in the ownership of the refinery.
He described the initiative as an “IPO for the people”, stressing the company’s intention to make ownership accessible to a broad section of the population.
The event attracted prominent figures from Nigeria’s business and financial sectors, including Zenith Bank Chairman, Jim Ovia, and Heirs Holdings Chairman, Tony Elumelu.
The Dangote Refinery, located within the Lekki Free Zone in Lagos, has a stated refining capacity of 650,000 barrels per day and is recognised as Africa’s largest single-train refinery. The facility represents one of the most significant private-sector investments in Nigeria’s industrial and energy sectors.
According to the company, proceeds from the public offering are expected to support growth capital expenditure linked to the refinery’s expansion programme. The company has outlined plans to significantly increase its processing capacity as it expands its operations.
The proposed IPO is also expected to broaden participation in the Nigerian capital market by providing retail investors with an opportunity to apply for shares in one of the country’s most prominent industrial projects.
The company’s official IPO platform currently lists the offer price at ₦525 per share and the minimum subscription at 10 shares, or ₦5,250. It also cautions prospective investors to rely only on approved subscription channels and to study the prospectus before making any investment decision.
With the signing ceremony completed, attention now shifts to the commencement of the public offer and the subsequent listing process, subject to the completion of all relevant regulatory and capital-market requirements.
The development is expected to attract considerable interest from both retail and institutional investors as Dangote Petroleum Refinery and Petrochemicals moves closer to opening ownership of the landmark facility to the investing public.
