4.1 Billion Shares Offered at ₦525 Each as SEC Urges Investors to Use Approved Platforms
The Securities and Exchange Commission (SEC) has warned investors against unauthorised and fraudulent platforms seeking to exploit the public offer of shares in Dangote Petroleum Refinery and Petrochemicals FZE.
The initial public offering (IPO), which opened on Monday, involves 4.1 billion ordinary shares at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250.
The offer is expected to close on October 13, 2026, subject to the terms contained in the Prospectus.
The IPO gives members of the public an opportunity to acquire a stake in Africa’s largest refinery and one of the world’s major industrial projects.
The offer targets retail and institutional investors, as well as eligible African investors, as part of efforts to broaden ownership and deepen participation in Nigeria’s capital market.
The offer is expected to raise about ₦2.15 trillion, making it one of the largest equity offerings in Africa.
Proceeds from the offer will support the refinery’s long-term growth plans, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.
SEC urged eligible investors to subscribe only through approved channels, including NGX Invest, designated commercial banks and authorised investment platforms, in line with the Prospectus.
The Commission also cautioned investors against platforms or individuals not authorised to handle subscriptions, warning that such channels could be used to defraud unsuspecting investors.