The Dangote Petroleum Refinery and Petrochemicals FZE has signed documents for its Initial Public Offering (IPO), advancing the landmark ₦2.15 trillion share sale towards the market.
The signing took place on Monday, September 7, 2026, at the Eko Convention Centre, Eko Hotel and Suites, Lagos, following approval of the offer by the Securities and Exchange Commission (SEC).
Under the approved terms, 4.1 billion ordinary shares will be offered at ₦525 each. Full subscription would raise approximately ₦2.15 trillion, while the SEC has registered 120.13 billion existing shares in the company, implying an equity valuation of about $47 billion at the offer price.
The offer also carries a greenshoe option of up to 15 per cent, allowing additional shares to be made available if demand exceeds the initial allocation.
The order book is expected to open on September 14. The opening date marks the start of subscriptions and is separate from the eventual commencement of trading on the Nigerian Exchange.
Built at an estimated cost of $20 billion, the Lekki-based refinery was commissioned in May 2023 after nearly a decade of construction. With a nameplate capacity of 650,000 barrels per day, it is Africa’s largest single-train refinery.
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The facility reached its designed capacity in February 2026 and has since tested output of about 700,000 barrels per day. Dangote plans to expand capacity to 1.4 million barrels per day, with the IPO forming part of the financing strategy.
The public offer follows a $2.5 billion private placement completed in July and a $1 billion underwriting programme secured in August.
The transaction adds to a history of landmark energy and industrial listings in Nigeria. Seplat Petroleum raised more than $500 million through its 2014 IPO, which also secured a London listing, while Dangote Cement’s 2010 market debut established a major domestic benchmark.
Unlike MTN Nigeria’s 2019 listing by introduction, the refinery transaction is structured as a public offer intended to raise fresh capital while broadening ownership of the asset.
The Dangote Group is also pursuing a proposed 700,000-barrel-per-day refinery in Lamu, Kenya, with September 30, 2026, scheduled for its launch.
With the IPO documents signed, investor attention now turns to September 14 and the level of demand from institutional and retail investors. Their response will provide an early market test of the refinery’s valuation and expansion plans.