Dangote refinery begins N2.15tn share offer today

Dangote Petroleum Refinery & Petrochemicals FZE has begun its Initial Public Offering (IPO) in Nigeria, a significant event for the country's economic development and the growth of Africa's capital markets. The IPO marks the first time the public can own a stake in Africa's largest refinery and one of the world's most substantial industrial projects.

The offering commenced on September 14, 2026, and will run until October 13, 2026, with a new issue of 4.1 billion ordinary shares priced at N525 each. The minimum investment required is 10 shares, valued at N5,250. The IPO is open to retail, institutional, and eligible African investors, reinforcing Dangote Refinery's commitment to expanding ownership and increasing participation in Nigeria's capital market.

The expected raise of approximately N2.15tn positions the IPO as one of the largest equity offerings in Africa. Dangote Refinery's proceeds will be allocated to long-term growth plans, operational expansion, strategic investments, and shareholder and stakeholder value creation. Dangote Industries Limited President and CEO Aliko Dangote emphasized the IPO's significance in creating opportunities for ordinary Nigerians, Africans, and global investors to participate in a transformative industrial project.

The refinery's objective is to improve Nigeria's energy landscape, create jobs, conserve foreign exchange, and promote shared prosperity. Nigerian Exchange Group CEO Temi Popoola highlighted the IPO's importance for Nigeria's capital market, noting that it broadens ownership, expands access, and strengthens connections between Nigerian enterprises and the capital market.

The NGX Group has been working to build the necessary infrastructure to make capital market participation more accessible, including NGX Invest, connectivity across 50 distribution channels, and stockbrokers, banks, and fintechs. Dangote refinery has become a crucial national asset, enhancing energy security, reducing dependence on imported refined products, conserving foreign exchange, and positioning Nigeria as a significant petroleum products exporter.

Since its commercial operations began, the refinery has supplied high-quality petroleum products to domestic and international markets while supporting industrial growth and economic development across the region.