The planned Initial Public Offering (IPO) of Dangote Petroleum Refinery at ₦525 per share is set to become a major event for Nigeria’s capital market, with investors and the wider public watching closely to see how the landmark offer performs.
The Securities and Exchange Commission (SEC) has approved the offer of 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the IPO could raise approximately ₦2.15 trillion. The order book is expected to open on September 14, 2026.
Financial expert and Professor of Accounting at Lead City University, Godwin Oyedokun, said the development could provide investors with an opportunity to participate directly in one of Africa’s most significant industrial assets.
However, Oyedokun’s assessment also points to the need for investors to consider factors beyond the headline share price, including the refinery’s profitability, future expansion plans, market conditions and potential returns.
The IPO is particularly significant because of the scale of the transaction. Reuters reported that the proposed offer could become Africa’s largest-ever share sale, while the refinery is valued at about $47 billion. The company plans to use funds raised to support its expansion from its current production capacity towards 1.4 million barrels per day.
For Nigerians, the listing could broaden public participation in the ownership of a strategically important energy company while deepening the Nigerian Exchange and increasing the number of large industrial assets available to investors.
