Dangote Petroleum Refinery & Petrochemicals has thrown open its doors to public investors, kicking off an Initial Public Offering expected to raise about N2.15 trillion — a transaction the company describes as a milestone for both Nigeria’s economy and Africa’s capital markets.
The offer opened on Monday, September 14, 2026, with a formal ceremony held on the trading floor of the Nigerian Exchange (NGX) in Lagos. It gives the investing public its first real chance to own a piece of Africa’s largest refinery.
Under the terms of the offer, 4.1 billion new ordinary shares are on offer at N525 each. The minimum subscription is 10 shares, amounting to N5,250. The window is scheduled to close on October 13, 2026, in line with the conditions set out in the prospectus.
Retail investors, institutions and eligible African investors are all targeted, a move the company says is aimed at widening ownership and drawing more participants into Nigeria’s capital market.
If fully subscribed, the offering would rank among the biggest equity raises ever seen on the continent. The proceeds are earmarked for the refinery’s expansion plans, strategic investments and long-term growth, with the company promising added value for shareholders and stakeholders.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, framed the IPO as more than a fund-raising exercise, saying it opens a new chapter for the refinery and for Nigeria’s economic future. He said the offering allows ordinary Nigerians, Africans and global investors to take a direct stake in one of the continent’s most transformative industrial projects.
Dangote recalled that the refinery was built to reshape Africa’s energy landscape, generate jobs, save foreign exchange and spread prosperity. With the IPO, he said, that vision is being extended through broader ownership, ensuring millions can share in the value created.
He described broad-based ownership as one of the surest routes to wealth creation, a stronger capital market and faster economic inclusion, and invited investors to come on board as partners in building a globally competitive enterprise.
Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group, said the launch matters not just because of its size but because of what it signals. He argued that Nigeria’s capital market must become a place where citizens can share in the value generated by the country’s most important businesses.
Popoola said NGX Group has been deliberately building the infrastructure to make that possible, pointing to NGX Invest and connectivity across more than 50 distribution channels, including stockbrokers, banks and fintechs. In his view, this is how an ownership economy is built — strong Nigerian businesses accessing long-term capital while more Nigerians get the chance to participate in their growth.
The refinery has become a strategic national asset since it began commercial operations, helping to strengthen energy security, cut reliance on imported refined products, conserve foreign exchange and position Nigeria as a major exporter of petroleum products.
The company said the offer has been structured to be accessible, transparent and technology-driven. Eligible investors can subscribe through approved channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the prospectus.
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