TD The countdown to the much-anticipated public offering of shares in the Dangote Petroleum Refinery has begun, with the landmark transaction expected to become Africa’s largest-ever initial public offering (IPO).
The offer, which is designed to broaden ownership of the 650,000-barrel-per-day Dangote Petroleum Refinery, is expected to attract Nigerian retail investors as well as investors from across Africa and beyond.
The Securities and Exchange Commission (SEC) has approved the offering.
The offering will involve the sale of 4.1 billion ordinary shares at ₦525 per share, potentially raising about ₦2.15 trillion ($1.63 billion) if fully subscribed.
Offer opens September 14
The IPO order book is scheduled to open on September 14, 2026, and the offer is expected to run until October 13, with trading of the shares anticipated to begin later in November.
The refinery, located in the Lekki area of Lagos State, was constructed at an estimated cost of about $20 billion and has a nameplate capacity of 650,000 barrels per day.
The facility reached its full nameplate capacity in February 2026 and has also tested production levels of up to 700,000 barrels per day.
What investors need to know
The shares are being offered at ₦525 each, meaning an investor purchasing the reported minimum of 10 shares would require ₦5,250, before applicable transaction costs.
The offering is expected to target retail investors significantly, with reports indicating an ambition to broaden participation to millions of African investors.
The transaction also includes a greenshoe option, allowing additional shares to be offered if demand exceeds the initial allocation.
Investors, however, should note that an IPO is an investment opportunity—not a guaranteed profit—and prospective subscribers should carefully study the official offer documents, valuation, financial statements, risks and applicable terms before committing funds.
Dangote plans to double refinery capacity
Proceeds from the share sale are expected to support Dangote’s ambitious expansion programme.
The programme aims to increase the refinery’s processing capacity from 650,000 barrels per day to approximately 1.4 million barrels per day by 2029.
The expansion programme has been estimated at about $14.3 billion.
The refinery reported a $1.82 billion profit in the first half of 2026, compared with a $476 million loss in the corresponding period of the previous year, according to Reuters.
A major test for Nigeria’s capital market
The IPO represents a significant development for Nigeria’s capital market because it could substantially increase public participation in one of the country’s most strategically important industrial assets.
Dangote has also indicated that the refinery’s ambition extends beyond Nigeria, with plans to expand its energy and refining footprint across Africa.
The planned IPO therefore represents not only a fundraising exercise but also a major test of investor appetite for large-scale African industrial assets.
With the offer expected to open on September 14, attention is now shifting to the final prospectus, subscription procedures and the mechanisms through which Nigerian and international investors will be able to participate.
This Dawn News will continue to provide verified updates on the Dangote Refinery IPO, including the official subscription process, eligibility requirements, offer terms and developments ahead of the November listing.
