Investors pour N1.5 trillion into Dangote Refinery’s IPO within first hour of trading

In a historic event, investors poured an astounding N1.5 trillion into the Dangote Petroleum Refinery and Petrochemicals (DPRP) Initial Public Offering (IPO) within the first hour of trading on the Nigerian Exchange (NGX) on Monday, September 14, 2026. The IPO, consisting of 4.1 billion ordinary shares priced at N525 each, aimed to raise approximately N2.15 trillion, or roughly $1.6 billion, and would remain open until October 13, 2026.

The impressive demand was evident as 402,634 transactions were recorded in the initial hour, according to the Nigerian Exchange Group (NGX). The IPO was accessible through around 55 approved electronic application channels, marking the largest digital distribution network for a Nigerian IPO. Dangote Group President Aliko Dangote emphasized the purpose of the offer to broaden market access rather than merely raising funds.

The IPO carried an additional greenshoe option allowing for up to 30% more shares to be offered if there was excess demand. During the "Facts Behind the Offer" presentation and ceremonial Gong Striking ceremony, Dangote outlined ambitious goals for the refinery, aiming to increase refining capacity to 2.1 million barrels per day by 2030 and achieve a market capitalization of $350 billion within four years.

Dangote had previously raised $2.5 billion through a private placement in July 2026, increasing the refinery's share ownership to 7.148 billion shares. In August, the refinery secured a $1 billion underwriting program, which included a completed $600 million private placement and a $400 million underwriting commitment to back the IPO.