President of the Dangote Group, Aliko Dangote, says the decision to list the Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange is aimed at widening access to wealth creation rather than raising funds for the conglomerate.
Dangote made the remarks on Monday at the NGX trading floor in Lagos, where he formally opened the refinery’s Initial Public Offering.
The public offer comprises 4.1 billion new ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares valued at ₦5,250.
The offer opened on Monday and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
The listing gives retail and institutional investors an opportunity to acquire a stake in the Dangote Refinery, Africa’s largest oil refinery and one of the continent’s most significant industrial investments.
Dangote said the IPO fulfils a commitment he made years ago to broaden ownership of the refinery once it became fully operational and capable of delivering sustainable value to investors.
He stressed that the initiative is designed to allow Nigerians, Africans and investors around the world to participate in the refinery’s future growth and benefit from the value it generates.
According to him, the group is not undertaking the offer because it needs capital to fund its projects, noting that Dangote Group currently has about $46 billion worth of investments and expansion projects in its pipeline towards its Vision 2030 objectives.
The public offer is expected to raise approximately ₦2.15 trillion, potentially making it one of the largest equity offerings in Africa.
The proceeds will support the refinery’s long-term expansion, strategic investments and operational growth, while creating opportunities for shareholders to participate in the company’s future performance.
The transaction also marks a significant development for Nigeria’s capital market, as the public gains an opportunity to own shares in a major industrial asset that has largely been privately held.
With the offer now open, investors will have until October 13 to subscribe, subject to the conditions set out in the prospectus.
