Dangote refinery unveils N2.15trn IPO on NGX

The Dangote Petroleum Refinery and Petrochemicals has officially launched its N2.15 trillion Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX), opening the doors for retail and institutional investors to acquire stakes in Africa’s largest refinery.

The offer was formally declared open on Monday, September 14, 2026, after the President of Dangote Industries Limited, Aliko Dangote, rang the closing gong at the NGX trading floor in Lagos.

The listing marks a historic milestone for Nigeria’s capital market, making the Dangote Refinery the first refinery to be listed on the Nigerian Exchange since the bourse was established 66 years ago.

The public offer comprises 4.1 billion ordinary shares priced at N525 per share, with a minimum subscription of 10 shares, valued at N5,250. The subscription window opened on September 14 and will run until October 13, subject to the terms of the prospectus.

If fully subscribed, the offer is expected to raise N2.15 trillion, with participation open to retail investors, institutional investors and eligible African investors.

Speaking at the launch, Dangote described the public offer as a “People’s IPO,” saying it reflects the company’s commitment to broadening ownership and giving ordinary Nigerians an opportunity to invest in one of Africa’s biggest industrial projects.

“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started. It’s not only about the refinery,” he said.

Dangote disclosed that the refinery’s listing forms part of a broader strategy to list other companies within the Dangote Group on the Nigerian Exchange in the future.

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He also reaffirmed the group’s confidence in Nigeria’s capital market, describing the NGX as the foundation for expanding into other international exchanges.

“Nigeria and Africa are our base. We want to make sure that we build from our continent before expanding globally,” he said.

The launch ceremony was attended by Lagos State Governor Babajide Sanwo-Olu; NGX Group Chairman Umaru Kwairanga; the Ooni of Ife, Oba Adeyeye Ogunwusi; Zenith Bank Founder, Jim Ovia; and Dangote Industries Vice President for Oil, Gas and Fertiliser Devakumar Edwin; among others.