UPDATED: Dangote refinery opens N2.15tn IPO on NGX

President Aliko Dangote initiated the Nigerian Exchange's trading floor in Lagos to officially launch the N2.15tn IPO for the Dangote Petroleum Refinery and Petrochemicals on Monday. This historic event marked Dangote Refinery as the inaugural refinery offered to investors on the Nigerian stock market, in the Exchange's 66-year existence.

The IPO consists of 4.1 billion new ordinary shares, priced at N525 each, with a minimum subscription of 10 shares valued at N5,250. The offer commenced on September 14, 2026, and is scheduled to conclude on October 13, 2026, contingent on the terms outlined in the prospectus. The N2.15tn offer value signifies the total value of the 4.1 billion shares offered at N525 per share if entirely subscribed.

Investors can participate as retail, institutional, or eligible African investors, enabling widespread ownership in the refinery. Dangote emphasized that the IPO symbolizes the company's commitment to 'People's IPO,' aiming to broaden public participation in the company's ownership. He also underlined the broader objective of listing all Dangote Group companies in the future, projecting a market capitalization exceeding $350 billion by 2030.