Aliko Dangote, President and CEO of Dangote Group, officially sounded the closing gong at the Nigerian Exchange (NGX) to launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
The landmark public offer, comprising 4.1 billion ordinary shares, is set to raise ₦2.15 trillion ($1.6 billion), marking the single largest equity offering in Africa’s history and the first-ever refinery listing on the NGX.
Offer Details & Subscription Terms
- Offer Price: ₦525 per share.
- Minimum Application: 10 shares (₦5,250), making the share offer accessible to everyday retail investors across Nigeria and the diaspora.
- Offer Window: Opens September 14, 2026 and closes October 13, 2026.
- Retail Holding Incentive: Individual investors who retain their shares continuously for 12 months after allotment qualify for bonus shares under the SEC-approved prospectus terms.
- Subscription Channels: Available via 40 approved financial institutions, including participating commercial bank apps and fintech platforms such as Cowrywise, Bamboo, and PremiumTrust.
Capital Utilization & Growth Strategy
Net proceeds from the public offer (estimated at ₦2.11 trillion after offer expenses) will primarily fund Phase 2 expansion at the Lekki Free Zone complex.
The company aims to expand processing capacity from its current 700,000 barrels per day (bpd) to 1.4 million bpd by 2029, reinforcing Nigeria’s position as a primary fuel exporter across Sub-Saharan Africa and European markets.
Financial & Operational Performance
- Revenue & Profitability: In the first half of 2026, the refinery reported ₦19.1 trillion in revenue and ₦2.5 trillion ($1.8 billion) in Profit After Tax, driven by expanding refining margins.
- Domestic Market Dominance: The plant supplies over 80% of Nigeria’s domestic petrol consumption, significantly reducing foreign exchange expenditure on imported refined petroleum products.
- Implied Valuation: At the offer price of ₦525 per share, the company’s total market capitalization is valued at approximately ₦65.2 trillion (~$40 billion-$46 billion).
