The Dangote Petroleum Refinery and Petrochemicals FZE has officially launched its Initial Public Offering on the trading floor of the Nigerian Exchange in Lagos, marking what is described as Africa’s largest share sale, according to Eastleigh Voice. The public offer consists of 4.1 billion new ordinary shares offered at ₦525 per share, with a minimum retail subscription of 10 shares valued at ₦5,250, according to Channels Television.
Dangote Refinery Launches ₦2.15 Trillion IPO on Nigerian Exchange
The offering, which opened on September 14, 2026, is expected to remain open until October 13, 2026, subject to terms in the prospectus, as reported by Channels Television. If fully subscribed, the transaction could generate approximately ₦2.15 trillion ($1.6 billion), giving new investors about 3.3% of the refinery’s enlarged share capital, according to Business Insider Africa. Furthermore, proceeds could rise to about $2.1 billion if the offer is oversubscribed and the company exercises its option to issue additional shares, noted Eastleigh Voice.
Regulatory Approval and Market Valuation
The Securities and Exchange Commission approved the commencement of the offering after clearing the refinery’s draft offer documents and registering the company’s 120.13 billion existing ordinary shares alongside the new issue, according to vanguardngr.com and Eastleigh Voice. At the offer price, the transaction values the refinery at approximately $47 billion to $49 billion, or roughly 65.22 trillion naira based on the 1,319.54 naira reference rate in the prospectus, as detailed by Business Insider Africa and Eastleigh Voice.
Aliko Dangote, President of the Dangote Group, stated that the primary purpose of the offer is to democratize wealth creation rather than raise money, noting that the group already has $46 billion in the pipeline for Vision 2030, according to Channels Television. In the first hour of the offer, thousands of investors placed orders worth more than $7 million (₦10 billion), according to Business Insider Africa.
Retail Incentives and Shareholding Structure
To discourage immediate selling after the listing, the refinery introduced a retail incentive where an eligible investor who continuously holds at least 10 allotted shares for 12 months may receive one additional share, and a second share after retaining the holding for another 12 months, capped at two additional shares per retail investor, according to Business Insider Africa.
Aliko Dangote currently owns 92.3% of the refinery, with his stake valued at about 58.21 trillion naira at the offer price, which will decrease to about 89.25% after the new shares are issued, as reported by Eastleigh Voice. The company plans to list the shares on the Nigerian Exchange in November after completing the allotment process, according to Business Insider Africa.
Refinery Capacity and Financial Performance
Located in Ibeju-Lekki, Lagos, the facility covers approximately 2,635 hectares and was built at a cost of about $20 billion, according to vanguardngr.com and Eastleigh Voice. The complex features a stated refining capacity of 700,000 barrels per day, a 900,000-tonnes-per-annum polypropylene plant, a dedicated 435-megawatt power plant, and storage infrastructure comprising 177 tanks with a combined capacity of approximately 4.742 billion litres, as outlined by vanguardngr.com.
Financial disclosures in the prospectus indicate a turnaround, recording a net income of $1.82 billion in the first half of 2026 compared to a loss of $476 million for the entirety of 2025, according to Eastleigh Voice. Chief Executive David Bird stated that the company wants an audited public track record before pursuing a foreign listing, placing potential London or Johannesburg options around 2029, according to Eastleigh Voice.