President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has said the Initial Public Offering of the 650,000 barrels-per-day Dangote Refinery will give ordinary Nigerians an opportunity to own shares in the facility.
Dangote spoke on Monday in Lagos at the signing ceremony for the refinery’s IPO, attended by prominent business leaders including Zenith Bank Chairman, Jim Ovia, and Heirs Holdings Chairman, Tony Elumelu.
“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,” Dangote said.
Under the offer, the refinery will put 4.1 billion ordinary shares up for subscription at ₦525 per share. The application list is scheduled to open on September 14, 2026, and close on October 9.
Investors can subscribe to a minimum of 100 shares, valued at ₦52,500, and in multiples of 50 shares thereafter.
The IPO marks the refinery’s first public offer since its commissioning in 2023, following nearly a decade of construction and an investment of about $20bn. Located in the Lekki Free Zone, Lagos, the facility has a refining capacity of 650,000 barrels per day and is Africa’s largest single-train refinery.
The Securities and Exchange Commission has approved the IPO, with proceeds expected to fund an expansion of the refinery. The company plans to increase its capacity to 1.4 million barrels per day.
At the offer price of ₦525 per share, the refinery is valued at approximately $47bn. The company also plans to attract retail and institutional investors by proposing dividends in US dollars, supported by foreign exchange earnings from refined products and petrochemical exports.
The refinery, commissioned in May 2023, currently supplies more than 80 per cent of Nigeria’s domestic petrol demand, while the Dangote Group is also planning further investments in refining and petrochemicals across Africa.