The N2.15tn initial public offering of Dangote Petroleum Refinery and Petrochemicals opened on the Nigerian Exchange on Monday, giving investors an opportunity to acquire shares in the company. President of Dangote Industries Limited, Aliko Dangote, formally opened the offer by sounding the gong at the NGX trading floor in Lagos.
The IPO comprises 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares valued at N5,250. The offer opened on September 14, 2026, and will close on October 13, 2026, subject to the terms contained in the prospectus. It is open to retail, institutional and eligible African investors.
The offering marks the first time a refinery has been offered to investors on the Nigerian stock market in the 66-year history of the Exchange. The N2.15tn offer value represents the total value of the 4.1 billion shares at N525 per share if fully subscribed, giving eligible investors an opportunity to acquire an interest in the refinery.
Speaking at the ceremony, Dangote described the offer as a “People’s IPO”, saying it was intended to widen public participation in the ownership of the company. He also disclosed that the Dangote Group planned to list all its companies that would operate in the future, describing the current offer as the beginning of a broader plan to use the capital market.
“We, as a group, will list every single company that will operate,” Dangote said, adding that the Nigerian Exchange would serve as a platform from which the group could pursue listings on other exchanges.
Dangote said Nigeria and Africa remained the foundation of the group’s expansion, while expressing confidence in the role of the capital market in giving more investors access to businesses within the group. He also recalled the role of the Nigerian Exchange in encouraging wider public ownership of companies.
Located in the Lekki Free Zone, Lagos, Dangote Refinery has been positioned as a major project in Nigeria’s efforts to expand domestic refining capacity and reduce dependence on imported petroleum products. The public offer therefore provides investors with an opportunity to participate in the ownership of one of the country’s major industrial projects.
Lagos State Governor, Babajide Sanwo-Olu, attended the ceremony alongside President and Chairman of the Nigerian Exchange Group, Umaru Kwairanga; Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II; founder of Zenith Bank, Jim Ovia; Vice President, Oil and Gas and Fertiliser, Dangote Industries Limited, Devakumar V.G. Edwin; and members of the Dangote family.