Dangote Petroleum Refinery and Petrochemicals on Monday opened its ₦2.15tn Initial Public Offering on the Nigerian Exchange, offering investors 4.1 billion new ordinary shares at ₦525 each.
The offer, which commenced on September 14, 2026, will close on October 13, 2026, subject to the terms contained in the prospectus.
Investors can subscribe for a minimum of 10 shares, valued at ₦5,250, while the offer is available to retail, institutional and eligible African investors.
The total value of the shares on offer stands at about ₦2.15tn if fully subscribed, based on the 4.1 billion shares being offered at ₦525 each.
The formal opening took place at the trading floor of the Nigerian Exchange in Lagos, where President of Dangote Industries Limited, Aliko Dangote, sounded the gong to mark the commencement of the offer.
The transaction makes Dangote Refinery the first refinery to be offered to investors on the Nigerian Exchange in the Exchange’s 66-year history.
Speaking at the ceremony, Dangote said the offering was intended to broaden participation in the ownership of the refinery and described it as a “People’s IPO.”
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’,” he said.
Dangote also said the refinery offering was part of a wider plan by the group to bring more of its businesses to the Nigerian capital market.
“We, as a group, will list every single company that will operate,” he said.
He projected that the group’s market capitalisation could reach at least $350bn by 2030, based on a 10-times price-to-earnings ratio.
Dangote said the Nigerian Exchange would provide a base for potential listings of the group’s companies on other exchanges, while identifying Nigeria and Africa as the foundation of its expansion.
“From this exchange, then we can go to any other place,” he said.
The IPO relates to Dangote Refinery, located in the Lekki Free Zone, Lagos. The refinery has been positioned as part of Nigeria’s efforts to increase domestic refining capacity and reduce dependence on imported petroleum products.
The opening ceremony was attended by Lagos State Governor Babajide Sanwo-Olu, President and Chairman of Nigerian Exchange Group Umaru Kwairanga, the Ooni of Ife Oba Adeyeye Enitan Ogunwusi Ojaja II, Zenith Bank founder Jim Ovia, and Dangote Industries Limited Vice President, Oil and Gas and Fertiliser, Devakumar V.G. Edwin.
Members of the Dangote family, including two of Dangote’s daughters, were also present.
The IPO provides retail and institutional investors with an opportunity to acquire shares in the refinery through the Nigerian capital market, subject to the applicable offer terms.
The subscription window remains open until October 13, 2026.