The Dangote Petroleum Refinery and Petrochemicals has officially opened its N2.15 trillion Initial Public Offering (IPO) on the Nigerian Exchange, giving investors an opportunity to acquire shares in one of Africa’s biggest industrial projects.
President of Dangote Industries Limited, Aliko Dangote, formally launched the offer on Monday by sounding the gong at the Nigerian Exchange trading floor in Lagos. The event marked the first time a refinery has been offered to investors on the Nigerian stock market in the 66-year history of the NGX.
The public offer consists of 4.1 billion new ordinary shares priced at N525 each, with investors allowed to subscribe for a minimum of 10 shares, valued at N5,250.
The offer opened on September 14, 2026, and is scheduled to close on October 13, subject to the terms contained in the prospectus. It is open to retail investors, institutional investors and eligible African investors.
If fully subscribed, the share sale will raise approximately N2.15 trillion, equivalent to about $1.6 billion. The proceeds are expected to support the refinery’s expansion plans and strengthen its capacity for future growth.
The refinery currently has a production capacity of about 700,000 barrels per day, with plans to expand this to 1.4 million barrels per day over the coming years. The planned expansion is expected to further strengthen the facility’s position in the global refining industry.
Dangote described the public offering as an opportunity to broaden ownership of his businesses and enable more Nigerians and other eligible investors to participate in the refinery’s future.
The IPO represents a major development for Nigeria’s capital market, particularly because it allows ordinary investors to acquire an interest in a refinery that has become a major player in the country’s petroleum industry.
Interest in the offer has already been significant. On the opening day, some investment platforms reported unusually high traffic as retail investors rushed to subscribe, with Bamboo and Cowrywise experiencing access difficulties linked to the volume of users attempting to participate.
The refinery’s public offering also comes after the Securities and Exchange Commission approved the transaction, paving the way for the sale of the 4.1 billion shares at N525 each.
The development is expected to deepen participation in Nigeria’s equities market while giving investors an opportunity to own shares in one of the country’s most prominent privately developed industrial assets.
