By Eshioromeh Sebastian
A frenzy of local and international demand greeted the opening of Dangote Petroleum Refinery and Petrochemicals’ N2.15tn Initial Public Offer on Monday, with digital investment platforms buckling under the weight of retail investors seeking a stake in Africa’s largest refinery.
The offer, which opened on the Nigerian Exchange in Lagos, is the first time the public can directly acquire shares in the refinery. It runs from September 14 to October 13.
The company is offering 4.1 billion ordinary shares at N525 each, with a minimum buy-in of N5,250. By early trading on Monday, the offer had recorded about N1.5tn in subscriptions.
The surge in demand disrupted platforms such as Bamboo and Cowrywise. Bamboo acknowledged the login difficulties in a post on X, attributing them to “much higher than expected traffic trying to get into the Dangote IPO.”
Speaking at the “Facts Behind the Offer” presentation at the NGX, President of Dangote Industries Limited, Aliko Dangote, projected that the group could attain a market capitalisation of $350bn by the end of 2030.
He said the forecast was based on a price-to-earnings ratio of 10, with the valuation initially represented on the Nigerian Exchange.
Dangote described the $1.6bn (N2.15tn) offer as the largest IPO ever undertaken in Africa, saying it was designed to broaden ownership and enable millions of individuals to benefit from the value generated by the refinery.
He said the offer was more than a capital-raising exercise, noting that it would allow investors to become part owners of a strategic asset already delivering strong operational and financial results.
“The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset,” he said.
“By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren.”
Dangote said the refinery had fulfilled its core vision of transforming Nigeria from a major importer of refined petroleum products into a significant refining and export hub, supplying domestic demand while serving markets across Africa and beyond.
“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated.
He disclosed that the company generated approximately N19.47tn in revenue in the first half of 2026, with profit after tax reaching N2.55tn.
At the offer price, Dangote Petroleum Refinery is expected to achieve an implied market capitalisation of approximately N65.22tn. Together with Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5tn, making the Dangote Group the largest equity cluster on the NGX.
Dangote revealed that the group would seek a listing on the United States Stock Exchange within the next three to four years as it expands its refining and petrochemical operations.
He said refining capacity would rise to about 1.4 million barrels per day, with $14.3bn earmarked for expansion to be completed by 2029. He put the group’s total investment pipeline at $46bn as it pursues its 2030 vision.
Dangote said every company operated by the group would eventually be listed on the NGX.
He explained that the group had initially planned to raise $2.5bn through a private placement and the IPO, comprising $1bn from the private placement and $1.5bn from the public offer. Demand during the private placement was strong enough that $1.2bn worth of applications were returned, leaving the group with its planned $2.5bn funding target.
“So, this ownership should actually be expanded to allow ordinary people to participate and also share the prosperity that we have created and will continue to create,” he said, adding that the refinery was expected to become the largest company in Africa by the end of the year based on revenue and profitability.
Lagos State Governor Babajide Sanwo-Olu said the offer demonstrated the ability of African investors to fund businesses on the continent, describing it as an opportunity to deepen Nigeria’s capital market.
“Africa is the one that can indeed fund and invest in Africa. And we’re demonstrating that here today,” Sanwo-Olu said.
“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” he added.
The Chairman of NGX Group, Umaru Kwairanga, said the offer would demonstrate the capacity of the Nigerian capital market to support businesses operating at a large scale and connect them with a wider pool of investors.
“African development will require deeper and more effective capital markets capable of connecting African savings with African enterprises and financing businesses that can compete on the global stage,” he stressed.
The Chairman of Coronation Group, Aigboje Aig-Imoukhuede, said Dangote has a clear vision for Nigeria and Africa.
He said, “Vision attracts capital, governance preserves and talent and execution compounds capital. Those three statements compound in the life of Alhaji Aliko Dangote.”
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, said he was delighted that the IPO had turned into a “People’s” offer, adding that for the first time, he was proud to be a black man.
The Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that African ambition can deliver globally significant industrial projects, while encouraging greater continental participation in the refinery’s growth story.
The CEO of Dangote Petroleum Refinery, David Bird, said the refinery had become the largest single supplier of refined petroleum products into Europe while maintaining safe, reliable and efficient operations.
He added that the company remains focused on delivering its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
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