Dangote Petroleum Refinery and Petrochemicals has officially opened its N2.15tn initial public offering (IPO) on the Nigerian Exchange, giving investors an opportunity to acquire shares in one of Africa’s largest industrial projects.
President of Dangote Industries Limited, Aliko Dangote, formally opened the offer on Monday by sounding the gong during a ceremony at the Nigerian Exchange (NGX) trading floor in Lagos.
The offering marks a significant development for Nigeria’s capital market, as Dangote Refinery becomes the first refinery to be offered to investors through the Nigerian stock market in the NGX’s 66-year history.
The IPO comprises 4.1 billion new ordinary shares priced at N525 each.
Investors can subscribe for a minimum of 10 shares, meaning the minimum investment is N5,250.
The offer opened on September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
At the offer price of N525 per share, the 4.1 billion shares have a total value of approximately N2.15tn if fully subscribed.
The offering is open to retail and institutional investors as well as eligible African investors, expanding access to ownership of the refinery beyond its existing private ownership structure.
Dangote Calls Offer ‘People’s IPO’
Speaking after sounding the gong, Dangote described the offering as a way of widening public participation in the ownership of the refinery.
He also indicated that the IPO was part of a broader plan to bring more companies within the Dangote Group to the capital market.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started. It’s not only about the refinery,” Dangote said.
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The businessman said the offering reflected his broader interest in expanding public participation in Nigerian businesses through the capital market.
Dangote also recalled his involvement with efforts to transform the Nigerian Exchange and said the exchange’s leadership had encouraged him to embrace wider public ownership.
“Mr Chairman, CEO and other managers of the Stock Exchange, the Stock Exchange is something that I have actually been fully involved with the transformation,” he said.
Dangote Targets More Group Listings
Dangote disclosed that the refinery IPO would not be the end of the group’s plans for the Nigerian capital market.
According to him, the Dangote Group intends to list its companies that will operate in the future.
“We, as a group, will list every single company that will operate,” he said.
Dangote also projected that the group could achieve a market capitalisation of at least $350bn by 2030 based on a 10-times price-to-earnings ratio.
He said the Nigerian Exchange could also provide a platform from which Dangote Group companies could eventually pursue listings on other international exchanges.
“From this exchange, then we can go to any other place,” he said.
Dangote further described Nigeria and Africa as the foundation of the group’s expansion plans.
“So, Nigeria and Africa is our base. We want to make sure that we join our continent,” he added.
What the IPO Means for Investors
The offering gives members of the public and other eligible investors an opportunity to acquire an interest in Dangote Refinery, which is located within the Lekki Free Zone in Lagos.
The refinery has been positioned as a major part of Nigeria’s efforts to expand domestic petroleum refining capacity and reduce reliance on imported refined products.
The N525 offer price and minimum subscription of 10 shares also provide individual investors with a defined entry point into the offering, subject to the terms and conditions contained in the prospectus.
The opening ceremony was attended by Lagos State Governor Babajide Sanwo-Olu and other prominent figures, including Nigerian Exchange Group President and Chairman Umaru Kwairanga, 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 opening of the IPO represents a major step in Dangote Refinery’s transition from a privately held industrial project towards broader public ownership through Nigeria’s capital market.
Investors have until October 13, 2026, to participate in the offer, subject to the conditions outlined in the prospectus.