Aliko Dangote on Monday sounded the gong at the Nigerian Exchange (NGX), officially opening the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals in one of the biggest milestones in Nigeria’s capital-market history.
The historic ceremony took place on September 14, 2026, as investors were given the opportunity to subscribe to shares in Africa’s largest oil refinery. The public offer comprises 4.1 billion ordinary shares priced at ₦525 per share, with the company targeting approximately ₦2.15 trillion if the offer is fully subscribed. The minimum subscription is 10 shares, costing ₦5,250.
The IPO represents the first time investors can directly take a public stake in the Dangote refinery, marking a significant expansion of public participation in one of Africa’s largest industrial projects.
At the gong-sounding ceremony, Dangote said the offering was designed to give ordinary Nigerians and investors around the world an opportunity to participate in the refinery’s growth.
He described the move as more than simply raising money, saying the goal was to broaden ownership of the project and allow more people to share in the wealth it creates.
The offering is particularly significant for the NGX, which has operated for more than six decades and is now welcoming one of Nigeria’s largest industrial assets into the public investment market.
The Dangote refinery, located in Lagos, currently has a production capacity of 700,000 barrels per day and has become a major supplier of refined petroleum products to Nigeria and other African markets. The company plans to use the proceeds of the IPO as part of its long-term expansion strategy, with the refinery’s capacity targeted to increase to 1.4 million barrels per day.
The facility has already transformed Nigeria’s position in the regional petroleum market, with the country increasingly moving from dependence on imported refined products toward becoming a significant exporter.
The offer is being marketed heavily toward ordinary Nigerians, with digital investment channels intended to make participation easier. The official IPO website confirms that the offer opened on September 14 and will close on October 13, 2026. Investors are being advised to use only Securities and Exchange Commission-approved receiving agents and electronic application channels.
The refinery’s public offer follows a $2.5 billion private placement completed in July, which attracted institutional investors and provided additional capital ahead of the broader public offering.
For Dangote, the IPO represents a major transition for a project that took roughly a decade to build and billions of dollars to complete. The refinery is now being opened to a much wider pool of investors, potentially giving Nigerians a direct financial stake in one of the country’s most important industrial assets.
The offer is also expected to have a significant impact on the size and depth of Nigeria’s capital market if fully subscribed.
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