Dangote Petroleum Refinery & Petrochemicals FZE has commenced its Initial Public Offering (IPO), offering investors an opportunity to acquire shares in Africa’s largest refinery and one of the continent’s biggest industrial projects.
The public offer opened on Monday, September 14, 2026, with 4.1 billion new ordinary shares priced at N525 each. The minimum subscription is 10 shares, valued at N5,250, while the offer is scheduled to close on October 13, 2026, subject to the terms contained in the Prospectus.
The IPO will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos and is open to retail, institutional and eligible African investors.
The offering is expected to raise approximately N2.15 trillion, potentially making it one of the largest equity offerings in Africa. The proceeds will support the refinery’s long-term growth, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.
Speaking on the offering, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the IPO as a new chapter for the refinery and Nigeria’s economic development.
“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.”
Dangote said broad-based ownership would help build wealth, strengthen Nigeria’s capital market and promote economic inclusion, urging investors to become partners in the refinery’s continued growth.
Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, described the offering as a significant development for Nigeria’s capital market, particularly given its scale and potential to broaden public ownership of major Nigerian businesses.
“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,” Popoola said.
He said NGX had been developing infrastructure to make market participation more accessible through NGX Invest and more than 50 distribution channels, including stockbrokers, banks and fintechs.
Dangote Refinery has positioned itself as a strategic national asset, with the company saying its operations are helping strengthen energy security, reduce dependence on imported refined petroleum products and conserve foreign exchange.
Since commencing commercial operations, the refinery has supplied petroleum products to domestic and international markets while supporting industrial activity and economic growth across the region.
The company said the IPO was structured to provide accessible, transparent and technology-enabled participation. Eligible investors can subscribe through approved channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the provisions of the Prospectus.
At the commencement ceremony on the NGX trading floor, Dangote Refinery reaffirmed its commitment to operational excellence, corporate governance, sustainable growth and long-term value creation for shareholders.
