Dangote Refinery Launches ₦2.15tn IPO, Offers Nigerians Shares at ₦5,250

The Dangote Petroleum Refinery has unveiled plans to raise ₦2.15 trillion through an Initial Public Offering (IPO), giving Nigerians and other investors an opportunity to own shares in the $20 billion facility.

The proposed public offer comprises 4.1 billion ordinary shares at ₦525 per share’ with a minimum subscription of 10 shares valued at ₦5,250, according to details released following the signing of the offer documents in Lagos on Monday.

The IPO, which could become the largest-ever in Africa, has received approval from the Securities and Exchange Commission and is expected to open on September 14 and close on October 13, subject to applicable regulatory approvals and the conditions contained in the offer documents.

The company said the offer was designed to broaden ownership of the refinery and attract retail investors across Nigeria and other African countries.

Speaking on the transaction, Aliko Dangote said there would be no discrimination in ownership of the shares.

“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.

The company is targeting as many as 10 million retail investors under the transaction.

Beyond raising funds through the IPO, the refinery is embarking on an ambitious expansion programme estimated at $14.3 billion, which is expected to double its current refining capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029.

The expansion could position the Lekki-based facility among the world's largest operating refineries and further strengthen its capacity to supply refined petroleum products to Nigeria, the West African market and international destinations.

The refinery has already emerged as a major supplier of refined petroleum products and has exported products, including aviation fuel, to markets outside Nigeria.

The proposed listing is also expected to have a significant impact on the Nigerian capital market. At the offer price, the refinery is valued at nearly **$50 billion**, while its eventual listing on the Nigerian Exchange is projected to substantially increase the exchange's overall market capitalisation.

The refinery's financial performance has also improved significantly. According to Reuters' report on the IPO prospectus, the company recorded a $1.82 billion profit in the first half of 2026, reversing a $476 million loss recorded in 2025.

However, prospective investors have been advised to carefully study the final offer documents and understand the risks associated with investing in equities.

The refinery's expansion plans and projected profitability do not guarantee future returns, while the value of its shares could rise or fall depending on the company's performance and prevailing market conditions.

The shares are expected to be listed on the Main Board of the Nigerian Exchange, with the indicative timetable pointing to trading later in the year.

With the IPO scheduled to open on September 14, attention will now turn to whether the offer can achieve its ambitious target of bringing millions of Nigerians into ownership of one of Africa's biggest industrial projects.