• Minimum investment set at N5,250
• 4.1bn shares offered at N525 each
• Proceeds to fund expansion to 1.4m barrels per day
Dangote Petroleum Refinery has unveiled plans to raise N2.2 trillion through a public share offer aimed at giving millions of Nigerians an opportunity to become part-owners of Africa’s largest refinery.
The landmark offer, announced by the Chairman of Dangote Industries Limited, Aliko Dangote, at a signing ceremony in Lagos on Monday, involves 4.1 billion ordinary shares priced at N525 per share.
The offer, which is targeting up to 10 million investors, is expected to cater to a broad range of Nigerians, including market traders, drivers, cleaners and domestic workers, as well as institutional and Sharia-compliant investors.
The subscription is expected to open on September 14 and close on October 13, 2026.
With a minimum subscription of 10 ordinary shares, investors can participate with an initial investment of N5,250.
Dangote said the offer was designed to broaden public ownership of the refinery and enable ordinary Nigerians to participate in the wealth and opportunities created by one of Africa’s biggest industrial projects.
“This IPO is not only about raising capital; it is about democratising wealth creation, broadening participation in Africa’s industrial future and giving millions of investors the opportunity to own a stake in a world-class enterprise.
“It’s a legacy we are laying down. Nobody will live forever,” he said.
According to the company, proceeds from the offer will be used to finance the expansion of the refinery’s production capacity from its current 700,000 barrels per day to 1.4 million barrels per day.
The expansion is expected to position the facility as the world’s biggest single-train refinery by 2028.
Group Managing Director of Vetiva Advisory Services Limited, the lead issuing house and coordinator of the transaction, Chuka Eseka, said the offer followed the recent approval granted by the Securities and Exchange Commission (SEC).
Eseka said the approval cleared the way for the sale of the 4.1 billion ordinary shares at N525 per share.
The transaction places the valuation of Dangote Petroleum Refinery and Petrochemicals at close to $50 billion, while providing capital for the planned expansion.
Market analysts said a potential listing of the refinery on the Nigerian Exchange later this year could have a significant impact on Nigeria’s capital market, with the company potentially adding substantially to the exchange’s total market capitalisation.
Investor interest in the refinery has also been building in recent months.
In July, the company reportedly raised $2.5 billion through a private placement targeted at institutional investors and high-net-worth individuals, with demand exceeding the offer size by 270 per cent.
Market observers believe some of the unmet demand from the private placement could translate into strong interest in the public offer.
The share sale is also coming amid renewed international interest in Nigeria’s capital market following the country’s reinstatement to Frontier Market status by FTSE Russell.
The development is expected to support foreign portfolio investment and increase international participation in the Nigerian capital market.
Speaking on the development, Managing Director of Dangote Petroleum Refinery, David Bird, said the refinery had rapidly established itself as a major player in the global energy market since commencing production in January 2024.
Bird said the refinery surpassed the United States in June to become the largest external supplier of jet fuel to Europe, a position it maintained in July.
He said the development underscored the growing role of the Nigerian refinery in international petroleum trade.
Market experts said the success of the public offer could set a new benchmark for large-scale share offerings in Africa and encourage other major Nigerian companies to seek long-term funding through public listings.
The transaction is expected to further deepen public participation in Nigeria’s capital market while providing investors with an opportunity to take a stake in one of the country’s most prominent industrial assets.
