Susan Abayomi
The Dangote Petroleum Refinery and Petrochemicals (DPRP) has unveiled plans for a major Initial Public Offering (IPO) valued at approximately ₦2.15 trillion, with the company targeting participation from as many as 10 million Nigerian investors.
The landmark offer, which is expected to significantly broaden public participation in Nigeria’s capital market, is scheduled to open on September 14, 2026.
A key feature of the offering is the integration of Nigeria’s Bank Verification Number (BVN) system into the subscription process, allowing eligible investors to participate through a technology-driven platform.
The initiative is designed to simplify access to the share offer and encourage wider participation, particularly among retail investors and Nigerians who may be new to the capital market.
Under the offer, 4.1 billion ordinary shares are being made available at ₦525 per share, with a minimum subscription of 10 shares, equivalent to ₦5,250. Subsequent subscriptions are expected to be made in multiples of 10 shares.
The offer is expected to run until October 13, 2026, subject to the terms contained in the official offer documentation.
Following the completion of the offer and the receipt of all necessary regulatory approvals, the refinery’s shares are expected to be listed on the Main Board of the Nigerian Exchange (NGX).
The transaction is being positioned as an opportunity to expand ownership of one of Africa’s largest industrial assets beyond its existing shareholders and give a broader group of Nigerians the opportunity to participate in its future growth.
Speaking at the IPO signing ceremony in Lagos, Aliko Dangote, Chairman of Dangote Petroleum Refinery and Founder of Dangote Industries Limited, described the development as a major milestone for the company.
Dangote said the public offer would open ownership of the strategic asset to a wider community of investors while creating an opportunity for Nigerians to participate directly in the company’s future growth and value creation.
The refinery is also planning a major expansion that would increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029. The planned expansion is estimated at about $14.3 billion, according to recent reports.
The IPO is therefore expected to provide funding that will support the refinery’s growth and expansion plans, while simultaneously deepening participation in Nigeria’s equity market.
The company has also introduced measures aimed at encouraging retail participation. Eligible investors may receive additional shares under an incentive arrangement if they retain their holdings for the minimum period specified under the offer terms.
The planned public offering has attracted considerable attention because of its size and its potential to become one of the largest equity offerings in Africa.
For Nigeria’s capital market, the transaction could also provide an important test of the appetite of retail investors, particularly as the BVN-linked digital subscription process seeks to make participation more accessible.
With the offer expected to open on September 14, prospective investors should rely on the official prospectus and information released by the relevant regulators and authorised market operators for the final terms and procedures.
The Dangote Refinery IPO consequently represents a significant development in Nigeria’s capital market, combining a large-scale industrial expansion programme with an effort to widen public participation in ownership of a major Nigerian energy asset.
