Dangote Petroleum Refinery & Petrochemicals FZE has commenced its Initial Public Offering, marking a major development for Nigeria’s capital market and the country’s industrial sector.
The IPO will be formally launched at a ceremony on the trading floor of the Nigerian Exchange in Lagos, giving members of the public an opportunity to acquire a stake in Africa’s largest refinery and one of the world’s largest industrial projects.
The offer, which opens today, September 14, 2026, comprises 4.1 billion new ordinary shares priced at N525 each.
The minimum subscription is 10 shares, valued at N5,250, according to a statement issued by the company on Sunday.
The offer is scheduled to close on October 13, 2026, subject to the terms and conditions set out in the Prospectus.
The IPO is open to retail, institutional and eligible African investors, reflecting Dangote Refinery’s aim of widening ownership and increasing participation in Nigeria’s capital market.
The public offer is expected to raise about N2.15tn, making it one of the largest equity offerings in Africa.
The proceeds will be used to support the refinery’s long-term growth and expansion plans, fund strategic investments, and create additional value for shareholders and other stakeholders.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said, “Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation.
“This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.
“We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.
“We believe that broad-based ownership is one of the most effective ways to build wealth, strengthen the capital market, and accelerate economic inclusion. We invite investors to join us as partners in building a globally competitive enterprise that will continue to shape the future of energy, manufacturing, and economic development in Africa.”
The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, said the launch of the Dangote Petroleum Refinery IPO marks a significant moment for Nigeria’s capital market, not only because of the size of the transaction but also because of what it represents.
“Our capital market must increasingly become a place where Nigerians can participate in the value created by our country’s most important businesses. That means broadening ownership, expanding access and creating stronger connections between Nigerian enterprise and Nigerian capital.
“At NGX Group, we have been deliberately building the infrastructure to make that possible. Through NGX Invest and connectivity across more than 50 distribution channels, including stockbrokers, banks and fintechs, we are making participation in the public market more accessible.
“This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth.”
Dangote Refinery has become a key national asset, boosting Nigeria’s energy security, cutting the country’s dependence on imported refined petroleum products, conserving foreign exchange and strengthening its position as a major petroleum products exporter.
