Caption: From left, Group Vice President, Oil & Gas and Fertiliser, Dangote Industries Limited, Devakumar Edwin; Company Secretary, Dangote Petroleun Refinery & Petrochemicals, Christian Meseko; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; Group Managing Director/Chief Executive Officer, Vetiva Capital Management Limited, Chuka Eseka and CEO, Dangote Petroleun Refinery & Petrochemicals, David Bird; at the signing ceremony of Dangote Petroleum Refinery & Petrochemicals FZE Initial Public Offering (IPO) in Lagos on Monday, September 7, 2026.
Dangote Petroleum Refinery and Petrochemicals Limited, on Monday started the process of launching its Initial Public Offering (IPO) with the stakeholders appending their signatures to approve the offer of 4.1 billion ordinary shares, expected to open ownership of Africa’s largest single-train refinery to a target 10 million subscribers.
The offer, scheduled to open on September 14, is expected to benefit from the improving investor sentiment towards Nigeria following the country’s reinstatement to Frontier Market status by FTSE Russell. The development is anticipated to enhance foreign portfolio inflows and strengthen international investor participation in the capital market.
The IPO is expected to deepen Nigeria’s stock market liquidity, and create a new generation of shareholders in a business widely regarded as a catalyst for Africa’s energy security and economic transformation.
At the ceremony held in Lagos, President and Chief Executive of Dangote Group, Aliko Dangote, who formally unveiled the public offering alongside transaction advisers and key stakeholders involved in the pan-African share sale said the IPO seeks to raise approximately N2.2 trillion, making it one of the most ambitious capital-raising exercises ever undertaken by a private enterprise in Africa.
Addressing the audience at the event, Dangote disclosed that the minimum subscription has been set at 10 ordinary shares, representing an entry investment of N5,250 noting that the offer was strategically designed to enable broad-based participation by retail and institutional investors while deepening public ownership of one of Africa’s most transformative industrial assets.
According to him the share offer is not just about raising money but also carry along all Nigerians with drivers, cleaners, housemaids and the likes having the opportunity to be part owner of the refinery
In his words, “this IPO is not only about raising capital; it is about democratizing wealth creation, broadening participation in Africa’s industrial future and giving millions of investors the opportunity to own a stake in a world-class enterprise, it’s a legacy we are laying down, nobody will live forever”
Also addressing the gathering, Group Managing Director of Vetiva Advisory Services Limited, Lead Issuing House and coordinator of the transaction, Chuka Eseka, explained that the launch follows the recent approval granted by the Securities and Exchange Commission (SEC), paving the way for the offering of 4.1 billion ordinary shares at N525 per share.
The landmark public offer places a valuation of close to $50 billion on Dangote Petroleum Refinery and Petrochemicals and is expected to provide the capital required to finance the expansion of the refinery’s production capacity from 700,000 barrels per day to 1.4 million barrels per day. Situated on a sprawling 6,180-acre complex in the Lekki Free Zone, the refinery is reputed as the largest single-train refinery in the world.
Analysts say the eventual listing of the refinery on the Nigerian Exchange later this year could significantly reshape the country’s capital market landscape, potentially increasing the exchange’s total market capitalization by more than one-third.
Investor appetite for the refinery has been evident in recent months. In July, the company raised $2.5 billion through a private placement targeted at institutional investors and high-net-worth individuals, with demand exceeding the offer size by 270 per cent. Market observers believe substantial unmet demand from that exercise could flow into the public offering.
Managing Director of Dangote Petroleum Refinery, David Bird explained since the commencement of production in January 2024, Dangote Refinery has rapidly emerged as a key player in the global energy market expressing excitement that the facility last June, surpassed the United States to become the largest external supplier of jet fuel to Europe, a position it maintained in July, further underscoring its growing influence in international petroleum trade.
