Dangote Petroleum Refinery and Petrochemicals on Monday opened its Initial Public Offering on the Nigerian Exchange, offering investors a stake in Africa’s largest refinery.
Aliko Dangote, President of Dangote Industries Limited, sounded the gong at the NGX trading floor in Lagos on September 14, 2026, to mark the launch.
The offer comprises 4.1 billion new ordinary shares at N525 each, with potential proceeds of about N2.15 trillion if fully subscribed.
Investors can subscribe from September 14 to October 13, with a minimum application of 10 shares valued at N5,250. The offer is open to retail, institutional and other eligible African investors.
Dangote said the transaction was part of his plan to broaden public ownership of businesses within his group.
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The refinery, located in the Lekki Free Zone, began operations in 2024 and currently has a capacity of 700,000 barrels per day. Its expansion programme targets 1.4 million barrels per day.
The IPO follows a $2.5 billion private placement completed in July 2026 and represents a major expansion of public participation in the ownership of the refinery.
The transaction also follows a growing trend of large Nigerian companies using public offers to attract retail investors, including MTN Nigeria’s 2021 offer of 575 million shares at N169 each.
At N525 per share, the Dangote Refinery has an implied valuation of about N63 trillion.
Lagos State Governor Babajide Sanwo-Olu, members of the Dangote family and other dignitaries attended the launch.
Trading in the refinery’s shares is expected to commence on the NGX in November, subject to completion of the listing process.