KEY POINTS
- Dangote opens N2.15trn IPO.
- Shares cost N525 each.
- Offer runs until October 13.
Dangote Petroleum Refinery and Petrochemicals FZE has opened a N2.15 trillion Initial Public Offering, IPO, giving Nigerians and other African investors an opportunity to acquire shares in one of the continent’s largest industrial projects.
The offer opened on September 14, 2026, and will run until October 13, according to the company’s prospectus.
The IPO involves 4.1 billion new ordinary shares priced at N525 each. Investors can subscribe for a minimum of 10 shares, requiring an initial investment of N5,250.
If fully subscribed, the offer will raise about N2.15 trillion, making it one of the largest equity offerings in Africa and a major transaction for Nigeria’s capital market.
The IPO is designed to broaden ownership of the refinery by allowing members of the public and other investors to become shareholders in the business.
Subscriptions will be available through NGX Invest, designated banks, brokers and other authorised distribution channels.
The Nigerian Exchange Group has made participation available through more than 50 distribution channels, including banks, brokerage firms and fintech platforms.
The relatively low minimum subscription of N5,250 is intended to make the offer accessible to a broad range of investors rather than limiting participation to large institutional investors.
Dangote seeks N2.15trn for expansion
The funds raised from the IPO will be used to support the refinery’s growth, operational expansion and strategic investments.
Aliko Dangote, founder and controlling shareholder of the Dangote Group, described the offering as more than a conventional capital-raising exercise.
He said the IPO was intended to expand ownership and allow investors to participate in the long-term development of the refinery and its contribution to Africa’s energy and manufacturing sectors.
The offer therefore represents a significant shift in the ownership structure of the privately controlled refinery as it moves to raise substantial capital from the public. Temi Popoola, chief executive officer of Nigerian Exchange Group, described the IPO as an important development for Nigeria’s capital market.
He emphasised the importance of widening access to investment opportunities and increasing public participation in major Nigerian businesses.
The transaction is also expected to deepen the country’s equity market by introducing a major energy and industrial asset to a wider pool of investors.
