Behind Dangote Refinery’s N2.15 trillion IPO is an army of Nigeria’s top dealmakers

The N2.15 trillion IPO of Dangote Petroleum Refinery and Petrochemicals has brought together some of Nigeria's most prominent investment banks, law firms, accountants and professional advisers. This is a deal of unprecedented size that could potentially be one of the largest public offers ever undertaken in Africa. The IPO is set to commence on September 14, 2026, and involves the offering of 4.1 billion ordinary shares at N525 per share.

The capital raise is anticipated to fuel the refinery's aggressive expansion plans, which include raising its refining capacity from an estimated 700,000 barrels per day to 1.4 million barrels per day. This ambitious growth trajectory is expected to require approximately $14.27 billion in capital expenditure. However, behind the Dangote brand and the astronomical fundraising is a vast network of professional advisors dedicated to structuring, documenting and rigorously examining the transaction before it is made available to investors.

Over 60 institutions are involved in different capacities in this transaction, including 25 joint issuing houses and 32 stockbroking firms. These entities, alongside lawyers, accountants, auditors, registrars and other specialist advisors, form the extensive professional infrastructure that supports the IPO. For certain key advisers, their involvement with the transaction started well before the shares were offered to the investing public.

The investment bankers at the helm of the IPO are Vetiva Capital Management Limited and FirstCap, two of the leading investment banking firms that worked on the deal behind the scenes before it reached the market. In legal matters, the prosecution of a transaction of this magnitude necessitates significant legal expertise. Olaniwun Ajayi LP and AELEX are providing legal services on the IPO, reflecting the immense legal complexity inherent in an IPO involving billions of shares, millions of potential investors, and one of Nigeria's largest corporations.

The involvement of major commercial law firms like these underscores the legal intricacies associated with an IPO of such massive proportions. Deloitte & Touche Chartered Accountants is acting as the auditor for the transaction, bringing in one of the world's leading professional services firms to scrutinise the financial statements and disclosures required for the public offering.

Additionally, Coronation Registrars Limited is serving as the Registrar for the IPO. This role entails maintaining investor records, processing subscriptions, managing allotments, and administering shareholder information. With a client roster that includes some of Nigeria's largest listed companies like Access Holdings, MTN Nigeria, Airtel Africa, Dangote Cement, and Aradel Holdings, the registrar is uniquely positioned to handle the logistical demands of the IPO.