The Dangote Petroleum Refinery and Petrochemicals on Monday commenced its N2.15tn Initial Public Offering on the Nigerian Exchange, marking a significant step in the company’s transition to broader public ownership.
The President of Dangote Industries Limited, Aliko Dangote, formally opened the offer by sounding the gong at the trading floor of the Nigerian Exchange in Lagos.
The IPO involves 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer, which opened on September 14, will close on October 13, 2026, subject to the terms and conditions contained in the prospectus.
The transaction makes Dangote Refinery the first refinery to be offered to investors through the Nigerian stock market since the establishment of the Nigerian Exchange 66 years ago.
The N2.15tn value represents the total consideration for the 4.1 billion shares if the offer is fully subscribed. The offer is open to retail and institutional investors, as well as eligible African investors.
Speaking at the ceremony, Dangote described the public offer as an opportunity to expand Nigerians’ participation in the ownership of the refinery and other businesses within the Dangote Group.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started,” he said.
Dangote stressed that the transaction was not limited to the refinery, saying the group planned to use the Nigerian capital market to broaden ownership of its businesses.
“It’s not only about the refinery,” he said.
He disclosed that the Dangote Group planned to list all its companies that would operate in the future, projecting that the group’s market capitalisation could exceed $350bn by 2030 under a 10 times price-to-earnings ratio.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” Dangote said.
He also highlighted his longstanding engagement with the Nigerian Exchange, noting that the capital market would serve as a platform for the group’s expansion into other markets.
“From this exchange, then we can go to any other place. So, Nigeria and Africa is our base. We want to make sure that we join our continent,” he said.
The Dangote Refinery, located in the Lekki Free Zone, Lagos, is a major investment in Nigeria’s petroleum refining industry and is expected to support efforts to increase domestic refining capacity and reduce reliance on imported petroleum products.
The IPO therefore provides members of the public and other eligible investors with an opportunity to acquire shares in the refinery through the Nigerian capital market.
Lagos State Governor, Babajide Sanwo-Olu, attended the ceremony alongside the President/Chairman of the Nigerian Exchange Group, Umaru Kwairanga; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II; Zenith Bank founder, Jim Ovia; and Dangote Industries Limited’s Vice President, Oil and Gas and Fertiliser, Devakumar V.G. Edwin.
Members of the Dangote family, including two of Dangote’s daughters, were also present.
The offer will remain open until October 13, 2026, subject to the terms contained in the prospectus.
