By Tochlight Africa
Dangote Petroleum Refinery & Petrochemicals FZE has officially opened its landmark Initial Public Offering (IPO), giving Nigerians, Africans and other eligible investors an opportunity to own a stake in Africa’s largest refinery and one of the continent’s most ambitious industrial projects.
The historic offer commenced today, September 14, 2026, with a formal launch ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos.
The IPO comprises 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the Prospectus.
Targeted at retail, institutional and eligible African investors, the offering is expected to raise approximately N2.15 trillion, potentially making it one of the largest equity offerings ever undertaken in Africa.
The proceeds are expected to support Dangote Refinery’s long-term growth strategy, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the offer as the beginning of a new chapter for the refinery and Nigeria’s economic development.
According to him, the IPO goes beyond capital raising, as it provides ordinary Nigerians, Africans and global investors with an opportunity to participate directly in the growth of one of Africa’s most transformative industrial projects.
Dangote said the refinery was established to help transform Africa’s energy landscape, create jobs, conserve foreign exchange and promote shared prosperity, adding that the IPO would further advance that vision by broadening ownership.
He stressed that broad-based ownership remains an important pathway to wealth creation, a stronger capital market and greater economic inclusion.
Also speaking, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, said the Dangote Refinery IPO represents an important moment for Nigeria’s capital market, not only because of its scale but also because of its potential to broaden public participation in wealth creation.
Popoola said the capital market must increasingly provide opportunities for Nigerians to participate in the value generated by major Nigerian businesses.
He noted that NGX Group had continued to develop infrastructure aimed at making public-market participation more accessible, including NGX Invest and connectivity through more than 50 distribution channels comprising stockbrokers, banks and fintech platforms.
“This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth,” he said.
The Dangote Refinery has emerged as a strategic national asset, strengthening Nigeria’s energy security, reducing dependence on imported refined petroleum products and helping to conserve foreign exchange.
Since commencing commercial operations, the refinery has supplied petroleum products to domestic and international markets while supporting industrial development and economic transformation across Nigeria and the wider African region.
The company said participation in the IPO has been designed to be accessible, transparent and technology-enabled, with eligible investors able to subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the provisions of the Prospectus.
As the commencement ceremony takes place at the Nigerian Exchange in Lagos, Dangote Refinery reaffirmed its commitment to operational excellence, sound corporate governance, sustainable growth and long-term value creation for shareholders.
The IPO marks a significant step in the evolution of Dangote Refinery from a major privately owned industrial project into a broader investment opportunity for the public, potentially ushering in a new era of Nigerian participation in one of Africa’s most important energy assets.