.Targets 10m subscribers
.Firm to become world’s largest refinery by 2028
.Sets minimum subscription @ N5, 250
UGO AMADI
Aliko Dangote, President and founder of Dangote Group, has announced plans to raise just over N2 trillion through an Initial Public Offering for the Dangote Petroleum Refinery & Petrochemicals, in what the group is calling an inclusive “IPO for the people.
According to him, the Dangote Petroleum Refinery and Petrochemicals FZE proposed initial public offering (IPO) will have a minimum subscription requirement of 10 ordinary shares, culminating in N5,250.
Speaking at the official launch and signing ceremony in Lagos, Dangote said the Dangote Petroleum Refinery and Petrochemicals FZE proposed initial public offering (IPO) will open from September 14 to October 14, 2026.
He said the refinery IPO comprised an offer of 4.1 billion ordinary shares, each with a nominal value of $0.000013, at an offer price of N525 per share. “No segregation. Cooks, servants, managers, and ordinary citizens across the continent can own a piece of this refinery,” Dangote said.
According to him “This is about prosperity, jobs, and industrialization for Africa.”700,000 BPD and a Continental Push. He noted that the 700,000 barrels-per-day Dangote Refinery, located in the Lekki Free Trade Zone, is projected to become the largest refinery in the world by 2028.
Dangote framed the IPO as critical to Africa’s energy security and industrialization under a broader “Vision 2030” agenda. Beyond Nigeria, he confirmed expansion plans are already underway in Ethiopia, Kenya, Tanzania, Namibia and other African countries.
“Energy security is the foundation for manufacturing,” he said. “We are shifting our mindset to heavier investment in energy and in scaling across the continent.
The billionaire also recapped the refinery’s turbulent journey — more than a decade of work that included loan negotiations, five years of land disputes, site selection delays, and community challenges, including a fatality at Lekki.
He credited government officials, regulators, and community engagement for resolving access issues and keeping the project on track.
In his remarks, the Managing Director of Dangote Petroleum Refinery, David Bird, who delivered the transaction remarks, outlined the IPO structure, funds to be raised, timetable, and next steps.
The offer, according to him, has already received support from issuing houses, brokers, auditors, registrars, receiving banks, the Nigerian Exchange Group (NGX, and the Securities and Exchange Commission (SEC.
With the launch, Dangote Industries is positioning the refinery not just as an energy asset but as a continental catalyst for jobs and wealth creation. The IPO is expected to be one of the largest in African capital market history and will give millions of retail investors across Africa direct ownership in the continent’s flagship industrial project.
The Dangote Refinery and Petrochemicals Complex in Ibeju-Lekki, Lagos covers 2,635 hectares and operates one of the world’s most advanced integrated refining and petrochemical facilities. Current operations include a 700,000 barrels-per-day refinery — the largest single-train refinery globally — a 900,000 tonnes-per-annum polypropylene plant, and a captive 435MW power plant.
The facility is designed to fully satisfy Nigeria’s domestic demand for refined products at full production, with significant volumes for export. An expansion to 1.4 million barrels per day is underway and will position it as the world’s largest refinery.
Infrastructure includes a self-sufficient marine facility with five SPMs — the largest single order worldwide — multiple quays for Panamax, liquid, and RoRo cargo, and 177 storage tanks with 4.742 billion litres capacity. The complex meets World Bank, U.S. EPA, European and Nigerian emissions standards.
Lagos-based Vetiva Advisory Services Limited is coordinating the capital raise.
Also, the Group Managing Director of Vetiva Capital Management Ltd., Mr Chuka Eseka, said the transaction structure was designed to promote transparency, accountability and broad participation.
Eseka said retail investors would be able to subscribe electronically through bank applications, internet platforms and stockbrokers.
He added that institutional investors could subscribe electronically or through application forms submitted to receiving agents.
FirstCap Managing Director, Mr Ukandu Ukandu, said the offer was targeting about 10 million retail investors.
He said the target would significantly surpass the current Nigerian capital market record of about 181,000 retail participants in a single transaction.
The offer comes after the Securities and Exchange Commission, SEC, approved the deal last week. Dangote is selling 4.1 billion shares at N525, or $0.40, each.
The maiden IPO values the refinery at nearly $50 billion. Proceeds will fund an expansion that will double capacity at the 6,180-acre complex outside Lagos from 700,000 bpd to 1.4 million bpd.
When the shares list on the Nigerian Exchange later this year, they could boost the bourse’s market capitalization by more than a third.
The company is also planning a cross-border listing on the Johannesburg Stock Exchange, Africa’s largest market, and is considering listings in Egypt, Kenya, Ghana and Rwanda.
In July, a private placement ahead of the IPO raised $2.5 billion from institutional investors and high-net-worth individuals. The offer was 270% oversubscribed
