Dangote Refinery Launches N2.15tn IPO on Nigerian Exchange
President of Dangote Industries Limited, Aliko Dangote, has formally launched the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange.
Dangote sounded the gong on Monday on the trading floor of the NGX in Lagos to mark the opening of the offer, making it the first refinery to be offered on the Nigerian stock market in the Exchange’s 66-year history.
The IPO, which opened on September 14, 2026, comprises 4.1 billion new ordinary shares being offered at 525 naira per share. Investors can subscribe for a minimum of 10 shares, valued at 5,250 naira.
The offer is scheduled to close on October 13, subject to the terms contained in the prospectus. If fully subscribed, the share offering could raise approximately 2.15 trillion naira.
Speaking at the ceremony, Dangote said the IPO was part of efforts to broaden public participation in the ownership of companies operated by his group.
He said the company would continue to explore ways of making its businesses accessible to a wider range of investors.
The offer is open to retail and institutional investors, as well as eligible African investors, providing an opportunity for them to acquire a stake in Dangote Refinery, described as Africa’s largest refinery.
Lagos State Governor, Babajide Sanwo-Olu, was among dignitaries who attended the ceremony, alongside members of the Dangote family and other associates.
The commencement of the IPO marks a significant development for Nigeria’s capital market, as investors can now begin subscribing for shares in the refinery.
The offering is expected to broaden public ownership of the facility while potentially increasing activity and participation in the Nigerian equities market.
The Dangote Refinery, located in Lagos, has a nameplate capacity of 650,000 barrels of crude oil per day and is designed to produce refined petroleum products for domestic and international markets.
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