The Dangote Industries Limited has officially opened the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange (NGX), marking a major step in the company’s push to broaden public ownership.
Aliko Dangote formally launched the offer on Monday, September 14, by sounding the gong at the NGX trading floor in Lagos.
The offering is the first time a refinery has been offered to investors on Nigeria’s stock market in the 66-year history of the exchange.
Under the offer, investors can subscribe to 4.1 billion new ordinary shares at ₦525 per share.
At full subscription, the transaction would raise approximately ₦2.15 trillion, making it one of the largest equity offerings in Nigeria’s capital market.
The minimum subscription has been set at 10 shares, requiring an investment of ₦5,250.
The offer opened on September 14 and is scheduled to close on October 13, 2026, subject to the terms contained in the IPO prospectus.
Dangote targets wider ownership
Speaking at the launch, Dangote said the refinery listing forms part of a broader strategy to give more people an opportunity to participate in the ownership of businesses within his group.
“As a group, we will list every company that we operate,” he said.
The statement points to a potentially wider listing programme beyond the refinery, although the immediate focus is the petroleum business and its entry into the public market.
The offer is open to retail investors, institutional investors and eligible African investors, creating a route for a wider pool of investors to acquire an interest in the refinery.
Why the refinery IPO matters
The transaction comes as the Dangote Refinery moves from its development phase into a more mature commercial stage.
The 650,000-barrel-per-day facility has become a major part of Nigeria’s effort to reduce dependence on imported refined petroleum products, while its emergence as a publicly offered company gives investors direct exposure to one of the country’s most strategically important industrial assets.
For the Nigerian Exchange, the transaction also brings a major private industrial asset into the public market and could deepen equity-market participation.
The IPO could raise about ₦2.15 trillion if fully subscribed, providing fresh equity capital to the refinery while expanding its shareholder base.
Lagos State Governor Babajide Sanwo-Olu attended the launch, alongside members of the Dangote family and other business and political figures.
With the offer now open, investors have until October 13 to determine whether to participate in what is set to be one of Nigeria’s most closely watched stock-market transactions of 2026.
