JUST IN: Dangote refinery opens N2.15tn IPO on NGX

President of Dangote Industries Limited, Aliko Dangote, officially launched the IPO of Dangote Petroleum Refinery and Petrochemicals on Monday at the Nigerian Exchange's Lagos trading floor. This marks the first time a refinery has been offered on the NGX, the Exchange's 66-year history. The IPO commenced on September 14, 2026, and offered 4.1 billion new ordinary shares at a price of N525 each, with a minimum subscription of 10 shares worth N5,250. The offer is set to close on October 13, 2026, pending the terms outlined in the prospectus.

Dangote's IPO aims to increase the ownership participation of his companies. He reiterated that as a group, they will list every company they operate. Notable figures, including former PDP chair Tukur Buratai, former President Olusegun Obasanjo, and Fintiri, paid their respects during the ceremony. The IPO is expected to attract retail, institutional, and eligible African investors, offering them the opportunity to acquire a stake in Dangote Refinery, Africa's largest refinery.

The event saw the participation of Lagos State Governor, Babajide Sanwo-Olu, alongside Dangote's associates and members of the Dangote family, including two of Dangote's daughters. The IPO's potential to raise N2.15tn if fully subscribed is anticipated to deepen activity in Nigeria's capital market and broaden public participation in the ownership of the refinery.