Dangote to retain 84.34% control of Refinery after planned N2.15 trillion IPO, Prospectus shows

Aliko Dangote's beneficial control of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) will remain at 84.34% following the planned N2.15 trillion Initial Public Offering (IPO), according to the prospectus released on September 7, 2026. This contradicts the previously suggested 65.8% ownership held by Dangote's largest single shareholding vehicle.

The economic control is distributed across four corporate entities: DORCL, DIL, Greenview, and Salamad Ventures Limited, which the prospectus indicates should be viewed as a single economic interest under Dangote. The IPO involves the issuance of 4.1 billion new shares at N525 each, with existing shareholders not selling down their holdings.

This capital-raising exercise introduces a modest public float while keeping DPRP overwhelmingly controlled by Dangote. If the shares are fully subscribed, the total shares outstanding will increase to approximately 124.23 billion, with Dangote's beneficial stake slightly diluting to 84.34%, down from 87.2685%. NNPC's stake, currently at 6.815%, is expected to decrease to around 6.59%.

A Mauritius-based investment vehicle has committed up to $400 million towards the offer, accounting for 25.34% of the IPO but only about 0.84% of the enlarged company post-dilution. Despite the IPO being hailed as one of the largest share sales in African history, Dangote's beneficial ownership would not significantly change following the issuance.