Dangote Petroleum Refinery is set to enter Nigeria’s public equity market in a landmark ₦2.15 trillion initial public offering (IPO), giving investors direct exposure to the country’s biggest refining investment as it moves to raise fresh capital for expansion. With the shares priced at ₦525 each and an implied valuation of about $47 billion, the offer ranks among the most closely watched capital-market transactions in Nigeria’s oil and gas industry.
The Securities and Exchange Commission (SEC) approved the IPO on September 4, 2026, paving the way for the offer to open on September 14 and for the refinery to secure a primary listing on the Nigerian Exchange (NGX).
Here are the five key facts investors need to know:
1. ₦525 per share and 4.1 billion shares on offer
Dangote Refinery will offer 4.1 billion ordinary shares at ₦525 each, giving investors an opportunity to take an equity position in the refinery through the NGX.
2. IPO opens to investors on September 14
The public offer is scheduled to open on September 14, 2026, following SEC approval on September 4. The offer will give investors access to Dangote Refinery ahead of its primary listing on the Nigerian Exchange (NGX), making the opening date a key milestone for prospective shareholders.
3. Implied valuation is about $47 billion
At the ₦525 offer price, Dangote Refinery has an implied valuation of approximately $47 billion, making the pricing and the refinery’s future earnings capacity key considerations for investors assessing the offer.
4. Proceeds will fund expansion to 1.4m bpd
A major purpose of the IPO is to provide funding for the refinery’s expansion programme, which targets an increase in processing capacity to 1.4 million barrels per day (bpd). That expansion would further strengthen the refinery’s position in Nigeria’s downstream petroleum market and its potential role as a regional refining hub.
5. IPO follows $2.5bn oversubscribed private placement
The public offer follows a $2.5 billion private placement that was heavily oversubscribed, providing an early indication of strong investor interest in the asset. The IPO will now broaden access to the investment opportunity through Nigeria’s public capital market.