The Dangote Petroleum Refinery and Petrochemicals has moved closer to becoming a publicly traded company after signing documents for a proposed ₦2.15 trillion ($1.6 billion) Initial Public Offering (IPO).
The refinery intends to offer 4.1 billion shares at ₦525 per share, with the offer scheduled to open on September 14 and close on October 13, 2026. Investors can participate with ₦5,250, for a minimum subscription of 10 shares investors.
Founder and President of the Dangote Group, Aliko Dangote, said the low entry point is intended to accomodate the average Nigerian, to own shares in the refinery.
It was also said that the IPO will be used to support the company’s expansion programme, which aims to increase the refinery’s capacity to 1.4 million barrels per day by 2029.
The proposed share sale is expected to make the Nigeria’s capital market stronger and provide wider public ownership of one of Africa’s largest oil refineries.