By Chibuzor Alli
The Dangote refinery IPO opens today, with Dangote Petroleum Refinery & Petrochemicals FZE offering 4.1 billion new ordinary shares at N525 each in a public offer expected to raise about N2.15tn.
The offer, which begins on 14 September 2026, gives retail, institutional and eligible African investors an opportunity to acquire shares in Africa’s largest refinery and one of the continent’s biggest industrial projects.
The minimum subscription is 10 shares, valued at N5,250, according to a statement from the company on Sunday.
The offer is scheduled to close on 13 October 2026, subject to the terms contained in the Prospectus.
The formal launch will take place at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos.
The Dangote refinery IPO is expected to rank among the largest equity offerings in Africa and is aimed at broadening ownership while deepening participation in Nigeria’s capital market.
The proceeds will be used to support the refinery’s long-term growth plans, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.
Dangote refinery IPO opens ownership to investors
Speaking on the significance of the offer, 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, described the Dangote refinery IPO as an important development for Nigeria’s capital market.
According to Popoola, “The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but 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.”
Investors can subscribe through approved channels
The company said participation in the Dangote refinery IPO had been designed to be accessible, transparent and technology-enabled.
Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the provisions of the Prospectus.
The offer is open to retail, institutional and eligible African investors, expanding the potential investor base beyond existing shareholders and market participants.
The refinery has emerged as a strategic national asset, helping to strengthen Nigeria’s energy security, reduce dependence on imported refined products, conserve foreign exchange and position the country as a major exporter of petroleum products.
Since beginning commercial operations, the refinery has supplied petroleum products to domestic and international markets while supporting industrial growth and economic activity across the region.
The company said the Dangote refinery IPO would further support its long-term growth and value-creation strategy.
As the commencement ceremony takes place on the floor of the Nigerian Exchange, Dangote Refinery reaffirmed its commitment to operational excellence, corporate governance, sustainable growth and long-term value creation for shareholders.
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