Drivers, Cooks, everybody will now have stakes in the Refinery, Dangote declares

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, announced on Monday that the Initial Public Offering (IPO) of the 650,000 barrels per day Dangote Refinery would provide common Nigerians with the chance to purchase shares in the facility. This declaration was made during the opening speech at the signing ceremony, held in Lagos. Dangote stated, "Our objective is to ensure that drivers, cooks, servants, and everyone else has the opportunity to own shares in the refinery."

Financial experts, including Chairman of Zenith Bank Jim Ovia and Chairman of Heirs Holdings Tony Elumelu, were among the other dignitaries present at the historic IPO signing ceremony in Lagos. The IPO will issue 4.1 billion ordinary shares, each priced at $0.000013, with a subscription rate of ₦525.00 per share. The official application process began on September 14, 2026, and will conclude on October 9, 2026.

Investors can start with a minimum investment of 100 ordinary shares, valued at ₦52,500, or in increments of 50 shares thereafter.

The signing ceremony, led by the management of Dangote Petroleum Refinery under the guidance of Aliko Dangote, marked the refinery's first public offering since its inauguration in 2023. The project, which has taken nearly ten years to complete and required an investment of around $20 billion, is situated in the Lekki Free Zone of Lagos and boasts a refining capacity of 650,000 barrels per day, rendering it Africa's largest single-train refinery.

The Securities and Exchange Commission authorized the IPO launch, setting the stage for what could be one of the most significant capital market transactions in Nigeria's history.