Dangote Petroleum Refinery and Petrochemicals has fixed the price of its proposed public offering at ₦525 per share, with investors able to subscribe for a minimum of 10 ordinary shares valued at ₦5,250 when the offer opens on September 14, 2026.
The company is seeking to raise about ₦2.2tn, equivalent to $1.6bn, through the sale of 4.1 billion ordinary shares, according to details announced at the refinery’s IPO signing ceremony in Lagos on Monday.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed the offer terms during the formal signing of the IPO documents at Eko Hotels, where financial advisers and other stakeholders involved in the transaction gathered.
The signing took place days after the Securities and Exchange Commission approved the proposed share sale, clearing the way for the public subscription.
The official application list is scheduled to open on September 14 and remain open for exactly 25 days, closing on October 9, 2026.
The transaction places a valuation of nearly $50bn on the refinery, which has a current stated capacity of 700,000 barrels per day.
Proceeds from the IPO are expected to support the company’s expansion programme, under which refinery capacity is planned to increase to 1.4 million barrels per day.
The proposed expansion and eventual listing could also have a significant effect on the Nigerian capital market. The refinery’s listing is projected to increase the market capitalisation of the Nigerian Exchange by more than one-third, according to the details presented around the offering.
Vetiva Advisory Services Limited is coordinating the capital raise.
Dangote said the public offer was designed to widen ownership of the refinery beyond institutional and wealthy investors and give ordinary Nigerians an opportunity to acquire an interest in the business.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” he said at the ceremony.
The IPO follows a $2.5bn private placement completed in July, which attracted institutional investors and high-net-worth individuals. The private placement was reportedly oversubscribed by 270 per cent.
The refinery intends to list the shares on the Nigerian Exchange later this year, while discussions are also underway for a potential listing on the Johannesburg Stock Exchange.
The company is additionally considering possible listings in Egypt, Kenya, Ghana and Rwanda, potentially giving the business a wider presence across African capital markets.
The public offering comes as Nigeria seeks to attract greater foreign portfolio investment and deepen activity in its domestic capital market.
Beyond its planned expansion and capital-market debut, Dangote Refinery has also increased its presence in international petroleum markets since beginning production in January 2024.
In June, the refinery became the largest external supplier of jet fuel to Europe, overtaking the United States, and retained that position in July.
The IPO signing ceremony was attended by prominent figures from Nigeria’s financial and business sectors, including Zenith Bank Chairman Jim Ovia and Heirs Holdings Chairman Tony Elumelu.
For prospective investors, the ₦525 offer price means the amount required to subscribe will depend on the number of shares sought, with the stated minimum entry point set at ₦5,250 for 10 shares.
However, subscribing for shares does not guarantee that an investor will receive the entire quantity applied for if demand exceeds the shares available under the offer.
The transaction therefore represents not only a major fundraising exercise for Dangote Refinery but also a significant step towards broadening public ownership of one of Nigeria’s most strategically important industrial assets.