Dangote Petroleum Refinery has launched a N2.15 trillion Initial Public Offer (IPO) aimed at raising funds for expansion and allowing more Nigerians and Africans to become shareholders in the massive energy project.
The offer was unveiled in Lagos on Monday by the company’s President, Aliko Dangote.
Dangote said the share offer would open ownership of the 700,000 barrels-per-day refinery to members of the public without restrictions based on status or background.
“This is the IPO for the people. There is no segregation on who can own the shares,” he said.
Offer Includes 4.1 Billion Shares
The IPO consists of 4.1 billion ordinary shares priced at N525 per share.
The minimum subscription requirement is 10 shares, valued at N5,250.
The company said the offer is designed to expand public participation while providing additional funding for the refinery’s future development.
Refinery Expansion Planned
Dangote disclosed that the company plans to double the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day.
He said the expansion would increase production capacity and strengthen the refinery’s ability to supply petroleum products to Nigeria, Africa and international markets.
Located within the Lekki Free Zone, the refinery currently has a stated production capacity of 700,000 barrels daily.
Biggest IPO in Africa, Company Says
Dangote described the IPO as the refinery’s first public offering since its inauguration in 2023.
He said the transaction represents an opportunity for more people to participate in the growth of one of Africa’s largest industrial projects.
The offer is expected to increase the company’s shareholder base while providing capital for planned expansion projects.
IPO Designed for Wider Public Participation
The Group Managing Director of Vetiva Capital Management, Chuka Eseka, said the structure of the transaction was designed around transparency, accountability and accessibility.
He explained that retail investors would be able to subscribe electronically through: Bank applications, online investment platforms, stockbrokers
Institutional investors will also be able to participate electronically or through application forms submitted through approved receiving agents.
Company Targets 10 Million Retail Investors
The Managing Director of FirstCap Investment Limited, Ukandu Ukandu, said the offer aims to attract about 10 million retail investors.
He said this would significantly exceed Nigeria’s current record of about 181,000 retail participants in a single capital market transaction.
Dangote Refinery Positioned as African Energy Hub
The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the facility’s location gives it strategic importance in serving Nigeria, West Africa and global markets.
“This is not just a refinery or petrochemical complex. This is truly a pan-African energy platform,” Bird said.
Shares to List on Nigerian Exchange
The offer has received approval from the Securities and Exchange Commission Nigeria and is expected to open on September 14 and close on October 13.
The timeline remains subject to regulatory requirements and conditions contained in the official offer documents.
The company plans to list the shares on the Main Board of the Nigerian Exchange Group.
Vetiva Advisory Services serves as Lead Issuing House and Lead Adviser, while Stanbic IBTC Capital and FirstCap act as Joint Managers.
Eligible retail investors may receive up to two additional shares under the offer’s incentive arrangement, subject to applicable conditions.
