By Ibrahim Kegbegbe
The Dangote Petroleum Refinery and Petrochemicals has opened its Initial Public Offering (IPO), offering 4.1 billion ordinary shares at ₦525 per share in what has been described as Africa’s largest-ever initial public offering. The offer, which commenced on Monday, September 14, 2026, is expected to raise about ₦2.15 trillion ($1.6 billion) if fully subscribed.
The public offer is expected to run until October 13, 2026, giving investors an opportunity to acquire an ownership stake in the 700,000-barrel-per-day refinery located in the Lekki area of Lagos State. The shares are expected to be listed on the Nigerian Exchange, with trading anticipated to commence later in November.
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The IPO represents a significant development for Nigeria’s capital market as Dangote Group opens part of one of its most valuable industrial assets to public investors. The refinery is offering about 3.3 per cent of its equity, while Aliko Dangote and his group will retain a substantial controlling interest in the business.
The company said proceeds from the share sale will be used principally to support the refinery’s expansion plans. Dangote intends to increase its current capacity to about 1.4 million barrels of crude oil per day by 2029, a move that could position the facility among the largest refineries in the world.
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Built at a cost of about $20 billion, the refinery began operations in 2024 and has since become a major supplier of refined petroleum products to Nigeria and international markets. Its development has also contributed to Nigeria’s shift from heavy dependence on imported refined petroleum products towards greater domestic refining and exports.
The Merit Newspaper reports that the refinery’s financial performance has also strengthened considerably. It recorded a net profit of about $1.82 billion in the first half of 2026, compared with a loss of approximately $476 million during the corresponding period of the previous year, according to Reuters.
The IPO is therefore being closely watched by investors, policymakers and industry stakeholders, with expectations that the transaction could deepen public participation in Nigeria’s capital market while providing fresh funding for the expansion of one of the country’s most ambitious industrial projects. The development also marks a significant step in Dangote Group’s broader strategy of expanding its industrial operations and attracting wider investment into its businesses.
