By Francis Ajuonuma
The Dangote Petroleum Refinery and Petrochemicals (DPRP) is targeting up to 10 million Nigerian investors in a landmark Initial Public Offering valued at approximately ₦2.15 trillion ($1.6 billion), opening one of Africa’s most strategic industrial assets to broad-based public ownership.
The offer, scheduled to open on September 14, 2026, is expected to rank among the largest equity offerings in the history of Nigeria’s capital market.
In a major push to expand retail participation, the company will deploy a technology-driven subscription process integrated with the Bank Verification Number (BVN) system, allowing Nigerians to subscribe for shares through a more simplified and secure digital platform.
The transaction also includes an overallotment option of up to 30 per cent of the offer size to accommodate potential excess demand.
Upon completion of the offer and receipt of regulatory approvals, DPRP’s shares will be listed on the Main Board of the Nigerian Exchange Limited (NGX).
The planned listing represents a significant test of the depth of Nigeria’s capital market and could substantially widen public participation in the ownership of major industrial assets.
Chairman of DPRP and Founder and President of Dangote Industries Limited, Aliko Dangote, described the IPO as a major milestone in the evolution of the refinery and an opportunity to broaden ownership of the strategic energy asset.
“Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation,” Dangote said.
The company said the offer was structured to remove traditional barriers that have limited retail participation in the equities market, with the integration of BVN expected to simplify investor identification and subscription.
By leveraging Nigeria’s existing digital financial infrastructure, DPRP is seeking to attract both experienced investors and first-time participants into the capital market.
The move could also deepen domestic participation in wealth creation by enabling millions of Nigerians to acquire stakes in a refinery regarded as one of the continent’s most significant industrial projects.
Dangote said the transaction went beyond raising capital, describing it as part of a broader effort to promote inclusive ownership and long-term economic development.
“This offer presents Nigerians with a unique opportunity to become co-owners of a world-class refinery that is transforming Africa’s energy landscape,” he said.
“By simplifying the subscription process through BVN integration and digital application channels, we are opening the door for millions of citizens to participate in the growth story of this strategic national asset.”
The refinery chairman said the project was conceived as an African industrial asset with the capacity to reshape the continent’s energy landscape and strengthen regional energy security.
“We set out to build a world-class refinery capable of transforming Nigeria’s energy landscape and strengthening Africa’s energy security,” Dangote said.
The planned public offer marks a significant shift towards wider ownership of the refinery, potentially bringing millions of retail investors into a company whose operations are central to Nigeria’s refining, petroleum products and broader industrial value chain.
With a targeted investor base of up to 10 million people and an offer size exceeding ₦2 trillion, the transaction is expected to be closely watched by market regulators, institutional investors and retail participants as a major test of Nigeria’s capacity to mobilise domestic capital for large-scale industrial investment.
