President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has unveiled the terms of the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, with the minimum investment set at N5,250.
The minimum subscription represents 10 ordinary shares at an offer price of N525 per share, allowing ordinary Nigerians and other retail investors to acquire an interest in the refinery.
The transaction is targeting approximately N2.15 trillion and is expected to rank among the largest equity offerings in Africa. The offer has been approved by the Securities and Exchange Commission, with the shares scheduled for listing on the Nigerian Exchange Limited.
Speaking at the signing ceremony in Lagos, Dangote described the offering as a major milestone for the refinery and a significant development for Nigeria’s capital market.
He said the transaction would broaden participation in the ownership of the refinery and give Nigerians an opportunity to invest in one of the country’s most important energy assets.
The offer is structured at a fixed price of N525 per share, with investors required to make full payment for the number of shares they subscribe to.
The public offer will open on September 14 and close on October 13, 2026, giving investors a one-month window to participate in the transaction.
Retail investors will be able to submit their applications electronically through approved fintech investment platforms and stockbrokers. Institutional investors, meanwhile, will participate through the prescribed institutional application process.
The structure of the offering is intended to extend ownership beyond major institutional investors and provide retail participants with direct access to the refinery’s growth prospects.
The transaction also includes an oversubscription provision of up to 30 per cent, subject to the terms and conditions of the offer. This means additional shares may be made available if demand exceeds the base number offered.
The proposed N2.15 trillion fundraising comes as Dangote Refinery advances an ambitious expansion programme. The facility currently has a nameplate capacity of 650,000 barrels per day and is targeting an eventual expansion to 1.4 million barrels per day.
The expansion would significantly increase the refinery’s ability to process crude oil and produce refined petroleum products for both domestic and international markets.
Since commencing operations, the Lagos-based refinery has increasingly expanded its presence in the regional petroleum market, exporting refined products to several African destinations and other international markets.
The company’s management said the public offering would provide investors with an opportunity to participate in the refinery’s expansion and long-term growth.
The Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, David Bird, is expected to highlight the importance of the transaction in broadening participation in the refinery’s growth story and strengthening its position in the global energy market.
The Group Chief Financial Officer of Dangote Industries Limited, Murat Erden, is also expected to deliver the closing remarks at the transaction ceremony, which brings together the company’s management, financial advisers and other stakeholders involved in the offering.
The transaction will now proceed through the formal capital-market process ahead of the opening of the offer on September 14.
If fully subscribed, the base offer is expected to raise about N2.15 trillion. The transaction has been described as potentially the largest-ever share sale in Africa.
The proposed listing also represents a major development for Nigeria’s capital market, as it would introduce one of the country’s most strategically significant energy businesses to the public market.
Beyond raising funds for expansion, the IPO is expected to deepen public participation in the refinery and broaden the ownership of a major asset within Nigeria’s downstream petroleum industry.
