President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has said the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery is designed to allow ordinary Nigerians to become shareholders in the company.
Speaking at the IPO signing ceremony in Lagos on Monday, Dangote said the initiative would open ownership opportunities beyond wealthy investors.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” he declared.
The refinery will offer 4.1 billion ordinary shares at ₦525 per share, with subscriptions opening on September 14 and closing on October 9, 2026.
Investors can buy a minimum of 100 shares valued at ₦52,500, with additional purchases in multiples of 50 shares.
The signing ceremony was attended by top business leaders, including Zenith Bank Chairman Jim Ovia and Heirs Holdings Chairman Tony Elumelu.
Dangote said the public offer marks the refinery’s first share sale since it was inaugurated in 2023 following nearly a decade of construction and an investment of about $20 billion.
Located in the Lekki Free Zone, Lagos, the refinery has a processing capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.
The company said the Securities and Exchange Commission (SEC) has approved the IPO, while proceeds will be used to expand the refinery’s capacity to 1.4 million barrels per day.
Dangote Petroleum Refinery also plans to pay dividends in US dollars to attract both retail and institutional investors and reduce the impact of exchange rate fluctuations.
At the offer price, the refinery is valued at about $47 billion, and analysts expect the listing to significantly boost the Nigerian Exchange’s market capitalisation.
The company added that the IPO is expected to strengthen investor participation in Nigeria’s capital market while supporting its ambition to expand refining operations across Africa.
