Dangote Refinery IPO Opens, Targets ₦2.15 Trillion in Africa’s Biggest Share Sale.

Dangote Petroleum Refinery and Petrochemicals has opened its initial public offering (IPO) on the Nigerian Exchange (NGX), giving investors the chance to buy shares in one of Africa’s largest industrial projects.

The public offer, which commenced on September 14, 2026, comprises 4.1 billion new ordinary shares at ₦525 per share. If fully subscribed, the transaction could raise approximately ₦2.15 trillion, making it one of the largest equity offerings in Africa.

The offer will remain open until October 13, 2026, subject to the terms contained in the prospectus. Investors can subscribe for a minimum of 10 shares, costing ₦5,250.

The offer is open to retail, institutional and eligible African investors, with subscriptions available through approved channels such as NGX Invest, designated commercial banks, stockbrokers and authorized investment platforms.

According to the company, proceeds from the exercise will support its long-term expansion strategy, operational growth and strategic investments. A major component of the plan is increasing the Lekki refinery’s capacity from its current level of about 650,000–700,000 barrels per day towards 1.4 million barrels per day.

At the offer price, Dangote Refinery’s implied valuation is approximately ₦65 trillion, highlighting the scale of the company entering Nigeria’s public market.

Speaking at the launch, Dangote Industries Limited President and Chief Executive Officer, Aliko Dangote, described the offering as a new chapter for the refinery and Nigeria’s economic development.

He said the IPO would allow ordinary Nigerians, Africans and international investors to participate directly in the ownership of the energy facility, while supporting wealth creation, economic inclusion and capital-market development.

Nigerian Exchange Group’s Group Managing Director and Chief Executive Officer, Temi Popoola, described the offering as a major milestone for Nigeria’s capital market.

Popoola said the offering demonstrates how Nigerian enterprises can access long-term funding while allowing citizens to participate in the growth of major domestic businesses.

Since commencing commercial operations, the Lekki-based facility has supplied refined petroleum products to Nigerian and international markets. Its expansion is expected to strengthen domestic energy security, reduce reliance on imported fuels and support foreign-exchange conservation.

The IPO also represents a major shift in ownership of the privately controlled industrial project, allowing members of the public to become shareholders.

Dangote Refinery said it remains focused on operational excellence, corporate governance, sustainable expansion and delivering long-term value to investors and other stakeholders.