Dangote plans 30% more share sales after investors rush for IPO

Dangote Group is selling 4.1 billion shares in its oil refinery, Dangote Petroleum Refinery & Petrochemicals FZE, to raise 2.15 trillion naira ($1.6 billion). The shares are priced at 525 naira each, with a minimum subscription of 10 shares valued at 5,250 naira. According to Adom Online, the refinery was built over 10 years at a cost of $20 billion and has a capacity of 700,000 barrels per day.

The Initial Public Offering (IPO) is open to retail investors and closes on October 13, 2026. United Bank for Africa (UBA) Plc has been named as an authorised financial institution through which eligible investors can subscribe to acquire shares. UBA encourages interested investors to take advantage of its approved channels to participate in the offer.

Alhaji Aliko Dangote, President and Chief Executive of Dangote Industries Limited, says the IPO presents an opportunity for all Nigerians to benefit from strong returns and sustainable wealth creation. The Peninsula Qatar Business reports that the refinery began operations in 2024 and aims to double its capacity to 1.4 million barrels a day by 2028, which would make it the world's largest refinery.

Brief written by urgent.news from BusinessDay Nigeria, Nairametrics, Adom Online, Ripples Nigeria, The Peninsula Qatar Business — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.