The 650,000-barrel-per-day Dangote Refinery is set to offer 4.1 billion ordinary shares at ₦525 per share in its first public offering, with President of Dangote Industries Limited, Aliko Dangote, saying the IPO will give ordinary Nigerians an opportunity to own stakes in the refinery.
Dangote made the disclosure on Monday at the signing ceremony for the IPO in Lagos.
“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,” he said.
The IPO, approved by the Securities and Exchange Commission, will open on September 14, 2026, and close on October 9, 2026. Investors can subscribe to a minimum of 100 shares for ₦52,500, and thereafter in multiples of 50 shares.
The refinery, located in the Lekki Free Zone, Lagos, was commissioned in May 2023 after nearly a decade of construction and an investment of about $20bn. With a capacity of 650,000 barrels per day, it is Africa’s largest single-train refinery.
Proceeds from the offer will be used to fund an expansion of the facility, with the company targeting an increase in processing capacity to 1.4 million barrels per day.
The IPO signing ceremony was attended by prominent financial and business leaders, including Zenith Bank Chairman Jim Ovia and Heirs Holdings Chairman Tony Elumelu.
The public offering follows a $2.5bn private placement completed in July and is expected to be a major transaction on the Nigerian capital market. The company also plans to attract investors by proposing dividend payments in US dollars.