4.1 Billion Shares to Be Offered at ₦525 Each in Potentially One of Nigeria’s Biggest Capital Market Deals
The Dangote Petroleum Refinery and Petrochemicals FZE has received approval from the Securities and Exchange Commission (SEC) to commence its Initial Public Offering (IPO), setting the stage for what could rank among the largest capital market transactions in Nigeria’s history.
The SEC conveyed the approval in a letter addressed to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the Securities and Investment Services Department, Abdulkadir Abbas.
Under the proposed offer, the refinery will issue 4.1 billion ordinary shares at ₦525 per share, with the transaction potentially raising approximately ₦2.15 trillion if fully subscribed.
The Commission has also registered the company’s existing 120.13 billion ordinary shares, further clearing the regulatory pathway for the proposed listing.
With the SEC’s approval, Dangote Petroleum Refinery can now proceed with its Completion Board Meeting and Signing Ceremony, marking a major milestone in the company’s journey towards becoming a publicly traded entity.
The proposed IPO is expected to create fresh investment opportunities in one of Africa’s most strategically significant industrial assets while deepening the Nigerian capital market and broadening public participation in the country’s energy sector.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex spans approximately 2,635 hectares and houses an integrated refining and petrochemicals facility.
The refinery currently has a capacity of 700,000 barrels per day, making it the world’s largest single-train refinery. The complex also features a 900,000-tonnes-per-annum polypropylene plant and is powered by a dedicated 435-megawatt power plant.
At full production, the refinery is designed to meet a significant portion of Nigeria’s domestic demand for refined petroleum products while producing substantial volumes for export.
The facility is also undergoing an expansion programme expected to raise its capacity to 1.4 million barrels per day, potentially making it the largest refinery in the world by overall capacity.
Beyond its refining capacity, the complex boasts extensive infrastructure, including a dedicated marine facility designed to enhance logistics and freight efficiency. It also has five Single Point Moorings (SPMs), described as the world’s largest single order of its kind.
The refinery incorporates advanced processing technology designed to comply with World Bank, United States Environmental Protection Agency (EPA), European emissions standards and Nigerian regulatory requirements.
Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments and roll-on/roll-off operations. The complex also has a vast storage network comprising 177 tanks with a combined capacity of 4.742 billion litres.
With regulatory approval now secured, Dangote Petroleum Refinery is set to enter a new phase of its corporate journey, with the proposed IPO offering investors an opportunity to take part in one of Nigeria’s most ambitious industrial projects.
If successfully completed, the ₦2.15 trillion offering could become a landmark transaction for Nigeria’s capital market and further cement the Dangote Refinery’s position as a major force in Africa’s energy landscape.