Dangote Petroleum Refinery and Petrochemicals FZE has officially opened its initial public offering (IPO), launching Africa’s largest-ever share sale.
The public subscription window will run from September 14 to October 13, 2026, offering 4.1 billion ordinary shares at ₦525 each, or approximately $0.40 per share.
The landmark transaction aims to raise roughly ₦2.15 trillion ($1.6 billion) and values the refinery at approximately $49 billion.
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Details of the Dangote Refinery IPO
The IPO marks a historic milestone for Nigeria’s economy and Africa’s capital markets. Launched during a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos, the offering gives the public an opportunity to own a stake in Africa’s largest refinery and one of the world’s most significant industrial projects.
The offering consists of 4.1 billion new ordinary shares priced at ₦525 each. The minimum subscription is 10 shares, costing ₦5,250, or approximately $4. The offer is expected to remain open until October 13, subject to the terms outlined in the prospectus.
The transaction targets retail, institutional, and other eligible investors, broadening ownership of the refinery and deepening participation in Nigeria’s capital market.
The company’s finances have also improved significantly. Dangote Refinery recorded a $1.82 billion profit after tax during the first half of 2026, following a $476 million loss in 2025.
“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation,” President and Chief Executive of Dangote Industries Limited Aliko Dangote said.
“This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors worldwide to participate directly in one of the most transformative industrial projects ever built on the continent.”
“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,” Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, said.
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How the IPO Proceeds Will Be Used
Dangote Refinery has become a strategically important asset for Nigeria, helping to strengthen energy security, reduce reliance on imported fuel, conserve foreign exchange, and position the country as a major exporter of petroleum products.
The company has outlined a five-year expansion program expected to be completed by 2029. The project would add approximately 700,000 barrels per day of production capacity, bringing the refinery’s total capacity to roughly 1.4 million barrels per day.
The expansion is expected to cost about $14.3 billion, with IPO proceeds helping finance the project.
After offering costs estimated at 1.9% of gross proceeds, approximately ₦2.11 trillion in net proceeds will fund the expansion. About 32.5% will fund refinery processing units and major equipment, 39.8% will go toward utilities, off-site facilities, and supporting infrastructure, and approximately 27.6% will cover construction, installation, and related work.
The company plans to cover any remaining costs through cash flow and other financing over the project’s life.
Before the public offering, Dangote Oil Refining Company Limited held a 65.8% stake, Dangote Industries Limited owned 14.9%, Nigerian National Petroleum Company Limited held 6.8%, Greenview International Corporation owned 6.5%, and other shareholders held the remaining 6%.
The refinery began commercial operations in January 2024 and now supplies much of Nigeria’s petrol demand while exporting petroleum products to other African countries and international markets.
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How International Investors Can Participate
The public offering allows eligible investors to gain exposure to Africa’s largest refinery through the Nigerian Exchange. The company is not expected to pursue an international listing before 2029.
Requirements may differ depending on an investor’s nationality, residency, and chosen application platform. Investors outside Nigeria should confirm whether they need a Non-Resident Bank Verification Number, Nigerian bank account, Central Securities Clearing System account, or additional identification through an approved bank, broker, or digital investment platform.
The offering has a minimum entry point of 10 shares, costing ₦5,250, or approximately $4. It is also Shariah-compliant. Any future dividend payments will depend on the company’s performance, board approval, and applicable regulatory requirements.
The IPO represents a primary-market transaction. Investors who receive an allotment can trade their shares on the secondary market after the company lists on the Nigerian Exchange, with trading expected to begin in late November 2026.
Eligible investors can apply through approved channels, including NGX Invest, participating commercial banks, licensed brokers, and selected digital investment platforms. Applications remain subject to the prospectus terms.
Submitting an application does not guarantee that an investor will receive all requested shares. If the offering is oversubscribed, applicants may receive fewer shares, and excess funds will be returned under the offer terms.
Prospective investors should also consider risks including changes in refinery margins, oil-market volatility, fluctuations in the naira-dollar exchange rate, regulatory developments, and the cost of the company’s ambitious expansion program.
The official list of approved channels is available on the Dangote Refinery IPO website.
Main image: Dangote Refinery IPO announcement. Image credit: Ibrahim Mansur/TheCable
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