Susan Abayomi
The ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE has continued to attract attention from investors, with the company highlighting its operational performance and long-term growth prospects.
The Vice President, Oil and Gas, Dangote Industries Limited, Edwin Devakumar, said prospective investors have an opportunity to participate in the ownership of one of Africa’s largest industrial projects.
Devakumar pointed to the refinery’s operational performance, expanding market share, demand outlook and strategic position in Africa’s energy sector as factors supporting its long-term prospects.
The comments come as the refinery’s public offer remains open to eligible investors. The offer comprises 4.1 billion ordinary shares priced at ₦525 per share, with a minimum subscription of 10 shares, equivalent to ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026.
The refinery has recorded significant financial growth in 2026. According to Reuters, it reported a net profit of $1.82 billion in the first half of the year on revenue exceeding $13 billion, while operating at a production capacity of about 700,000 barrels per day.
The company also plans to expand its refining capacity to 1.4 million barrels per day, with proceeds from the IPO expected to support the planned expansion and strengthen its ability to raise additional capital in the future.
The public offer provides eligible investors with an opportunity to become shareholders in the refinery if their applications are allotted. However, the official IPO information makes clear that investment in shares involves risk. Share prices may rise or fall, while dividends depend on the company’s performance, cash requirements and decisions of its Board.
The Securities and Exchange Commission (SEC) has also advised prospective investors to carefully study the approved prospectus and understand the terms, conditions and risks before subscribing. It warned investors to use only approved receiving agents and subscription channels and to avoid individuals or platforms promising guaranteed allotments or returns.
The Dangote Refinery IPO is regarded as a major development in Nigeria’s capital market, giving retail and institutional investors an opportunity to participate in the ownership of the energy project.
The offer is expected to further broaden public participation in the refinery while supporting the company’s plans for expansion and continued growth.
