Dangote says group plans to list more companies as public offer begins….
The Dangote Petroleum Refinery and Petrochemicals has officially opened its N2.15tn Initial Public Offering on the Nigerian Exchange, in what is being described as a landmark development for Nigeria’s capital market.
President of Dangote Industries Limited, Aliko Dangote, formally opened the offer on Monday by sounding the gong at the NGX trading floor in Lagos.
The listing makes Dangote Refinery the first refinery to be offered to investors on the Nigerian stock market since the establishment of the Nigerian Exchange 66 years ago.
The offer comprises 4.1 billion new ordinary shares priced at N525 each, with investors able to subscribe to a minimum of 10 shares for N5,250.
The offer opened on September 14, 2026, and will close on October 13, subject to the terms and conditions contained in the prospectus.
Retail and institutional investors, as well as eligible African investors, are permitted to participate in the offer, opening the door for members of the public to acquire an ownership stake in the refinery.
Speaking at the opening ceremony, Dangote described the offering as a “People’s IPO”, saying it was designed to broaden public participation in the ownership of the company.
He disclosed that the refinery’s public offer would not be an isolated exercise, as the Dangote Group plans to bring more of its businesses to the capital market.
Dangote said the group intends to list all the companies under its portfolio in the future, a move he said would expand public ownership while contributing to the development of Nigeria’s capital market.
He also projected that the group could achieve a market capitalisation of at least 350 billion dollars by 2030, based on a 10-times price-to-earnings ratio.
According to him, the Nigerian Exchange would provide a platform for the group to pursue potential listings on other international exchanges, while maintaining Nigeria and Africa as the foundation of its operations.
The IPO gives investors an opportunity to take part in the ownership of the Dangote Refinery, one of the country’s largest industrial investments, located within the Lekki Free Zone in Lagos.
The refinery has been positioned as a key part of efforts to expand domestic petroleum refining capacity and reduce Nigeria’s reliance on imported refined petroleum products.
The gong-ringing ceremony was attended by Lagos State Governor Babajide Sanwo-Olu and other prominent figures, including President and Chairman of Nigerian Exchange Group, Umaru Kwairanga; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II; Zenith Bank founder, Jim Ovia; and Vice President, Oil and Gas and Fertiliser at Dangote Industries Limited, Devakumar V.G. Edwin.
Members of the Dangote family were also present at the ceremony.
The commencement of the offer marks a significant step towards wider public participation in the ownership of the refinery and represents a major test of investor appetite for large-scale industrial assets on the Nigerian capital market.
The offer will remain open until October 13, 2026, subject to the terms set out in the prospectus.
