The much-anticipated Dangote Petroleum Refinery IPO is set to open a new chapter for Nigeria’s capital market, with the company offering 4.1 billion ordinary shares at ₦525 each in a deal that could raise about ₦2.15 trillion if fully subscribed.
The offer is expected to open on September 14, 2026, and close on October 13, while trading is expected to begin in late November, according to the indicative timetable. The minimum subscription is 10 shares, costing ₦5,250, making the offer accessible to retail investors.
Dangote Group President and Chief Executive, Aliko Dangote, described the transaction as an opportunity to broaden public ownership of the refinery.
“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.
The refinery’s Chief Executive Officer, David Bird, said the offer was designed to encourage wide participation.
“The intent is very much the people’s IPO, drive wide participation, enable Nigerians and the Nigerian diaspora, and Africans more broadly, the opportunity to participate in this wealth creation,” Bird said.
For investors, the attraction includes exposure to one of Africa’s largest industrial assets. The refinery reported an after-tax profit of $1.82 billion in the first half of 2026, compared with a $476 million loss for the whole of 2025.
The company plans to use the capital to support a $14.3 billion expansion, which would increase refining capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029.
The IPO is significant because it could become Africa’s largest-ever share offering, while giving Nigerians an opportunity to own part of a major energy business. However, prospective investors should carefully study the official offer documents, valuation, financial performance and associated risks before subscribing.
The Dangote Refinery, built at a cost of about $20 billion, began operations in 2024 and has since become a major player in Nigeria’s petroleum market and refined-product exports.
