Dangote Petroleum Refinery has signed the final agreements for its landmark Initial Public Offering (IPO), opening the door for Nigerians and other eligible investors to own stakes in the massive refinery.
The offer is priced at ₦525 per share, with investors allowed to start with just 10 shares, costing ₦5,250. Subsequent subscriptions must be in multiples of 10 shares.
The IPO involves 4.1 billion ordinary shares and is expected to raise about ₦2.15 trillion ($1.63 billion) if fully subscribed. The Securities and Exchange Commission (SEC) has already approved the offer.
The deal is being positioned as Nigeria’s first fully digital retail public offer, allowing investors to subscribe through digital platforms, including bank and fintech applications, as well as other approved channels.
Dangote Industries President and Chief Executive Officer, Aliko Dangote, said the objective is to give ordinary Nigerians—including drivers, cooks and traders—the opportunity to own part of the refinery.
The 650,000-barrel-per-day facility is currently undergoing expansion that is expected to eventually increase its capacity to 1.4 million barrels per day. The expansion programme is estimated at $14.3 billion and is targeted for completion by 2029.
The refinery’s prospectus also showed a major financial turnaround, with the company recording $1.82 billion in after-tax profit in the first half of 2026, compared with a $476 million loss for the whole of 2025.
The IPO is scheduled to run from September 14 to October 13, 2026, according to the indicative timetable presented at the signing ceremony. Shares are expected to begin trading on the Nigerian Exchange later in November.
Investors should note that ₦5,250 only gives access to the minimum 10-share subscription; it does not guarantee allotment. The official Dangote IPO platform also warns investors to use only approved subscription channels and never disclose their PIN, password or one-time password (OTP).
