Dangote Refinery Launches N2.15tn IPO on Nigerian Exchange

President of Dangote Industries Limited, Aliko Dangote, on Monday formally opened the N2.15tn Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals by sounding the closing gong at the Nigerian Exchange (NGX) in Lagos.

The launch represents a major milestone for Nigeria’s capital market, with Dangote Refinery becoming the first refinery to offer shares to investors on the Nigerian stock market in the Exchange’s 66-year history.

The IPO comprises 4.1 billion new ordinary shares priced at N525 each, giving the offer a total value of approximately N2.15tn if fully subscribed.

Investors can subscribe for a minimum of 10 shares, representing an initial investment of N5,250. The offer opened on September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

The offering is open to retail, institutional and eligible African investors, providing a wider pool of investors with an opportunity to acquire an interest in one of Africa’s largest industrial projects.

Dangote calls offering a ‘People’s IPO’

Speaking at the ceremony, Dangote described the public offer as part of the group’s strategy to broaden ownership and allow more investors to participate in the growth of its businesses.

“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started,” Dangote said.

He stressed that the refinery listing represents only the beginning of a broader plan to bring more businesses within the Dangote Group to the capital market.

“It’s not only about the refinery,” he added.

Dangote also reflected on his longstanding relationship with the Nigerian Exchange and his involvement in efforts to transform the local capital market.

He said the group intends to list its operating companies, potentially creating further opportunities for investors to participate in different areas of the conglomerate.

“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.

The projection highlights Dangote Group’s ambition to significantly expand its presence on the capital market over the coming years.

Dangote also indicated that the NGX could serve as the foundation for potential listings on other international exchanges while maintaining Nigeria and Africa as the group’s primary base.

“From this exchange, then we can go to any other place,” he said.

“Nigeria and Africa is our base. We want to make sure that we join our continent.”

Expanding public ownership

The IPO marks an important transition for Dangote Refinery from privately held ownership towards broader participation through the Nigerian capital market.

Located in the Lekki Free Zone in Lagos, the refinery is one of Africa’s largest industrial projects and plays a significant role in Nigeria’s efforts to increase domestic refining capacity and reduce reliance on imported petroleum products.

The offer price of N525 per share and minimum subscription requirement of 10 shares also provide an entry point for individual investors seeking exposure to the refinery.

The ceremony attracted several prominent business and public figures, including Lagos State Governor Babajide Sanwo-Olu; President and Chairman of Nigerian Exchange Group, Umaru Kwairanga; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II; Zenith Bank founder Jim Ovia; and Dangote Industries Limited Vice President for Oil and Gas and Fertiliser, Devakumar V.G. Edwin.

Members of the Dangote family, including two of Dangote’s daughters, were also present.

The N2.15tn IPO will remain open until October 13, 2026, subject to the conditions outlined in the prospectus. A successful offer would broaden public ownership of the refinery while strengthening its connection to Nigeria’s capital market.