By Opeyemi Adelakun
The Dangote Petroleum Refinery is moving into a new phase of its development today as the multibillion-naira industrial project opens its Initial Public Offering to Nigerian, African and other eligible investors.
The refinery is offering 4.1 billion new ordinary shares at ₦525 per share, putting the value of the offer at approximately ₦2.15tn.
At the minimum subscription level of 10 shares, an investor will need ₦5,250 to participate.
The offer begins on September 14 and is expected to remain open until October 13, 2026, in accordance with the terms of the prospectus.
The public offer is significant not only because of its size but because it changes the relationship between the refinery and the Nigerian investment public.
A project built as a major private industrial undertaking is now opening part of its future value creation to public investors through the capital market.
Dangote: IPO extends refinery’s original mission
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, described the offering as a turning point for the refinery and Nigeria’s economy.
“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation,” he said.
Dangote said the company wanted the IPO to create an avenue through which ordinary Nigerians, Africans and investors globally could directly participate in the refinery.
He said the project was originally conceived with broader economic objectives, including changing Africa’s energy landscape, creating jobs, conserving foreign exchange and generating shared prosperity.
“With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created,” he said.
He added that wider ownership could contribute to wealth creation and financial inclusion.
“We believe that broad-based ownership is one of the most effective ways to build wealth, strengthen the capital market, and accelerate economic inclusion,” Dangote said.
He subsequently invited investors to participate as partners in the development of what he described as a globally competitive enterprise with implications for energy, manufacturing and economic development.
NGX targets wider investor participation
For the Nigerian Exchange Group, the transaction provides an opportunity to connect a major Nigerian business with a broader pool of domestic capital.
NGX Group GMD and CEO, Temi Popoola, said the significance of the offer extended beyond its monetary value.
“The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents,” Popoola said.
He said Nigeria needed a capital market in which citizens could participate in the growth of major domestic enterprises.
“Our capital market must increasingly become a place where Nigerians can participate in the value created by our country’s most important businesses,” he said.
Popoola said NGX had developed infrastructure aimed at making market participation more accessible, including NGX Invest and a distribution network spanning more than 50 channels through stockbrokers, banks and fintech companies.
He described the model as an “ownership economy”, where Nigerian businesses obtain long-term capital while citizens gain opportunities to share in their growth.
₦2.15tn to fund next phase
Dangote Refinery said the funds expected from the offer would support long-term growth, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.
The company has also positioned the refinery as an important component of Nigeria’s energy security, citing its potential to reduce reliance on imported refined petroleum products and conserve foreign exchange.
Since commencing commercial operations, the refinery has supplied petroleum products to domestic and international markets and has become a major industrial facility within Nigeria and the wider African market.
The company said the subscription process had been designed to be accessible and technology-enabled.
Eligible investors can participate through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, in line with the prospectus.
Leave a Reply