The Dangote Petroleum Refinery and Petrochemicals has formally opened its N2.15tn Initial Public Offering (IPO), giving Nigerians and other eligible investors an opportunity to acquire an ownership stake in Africa’s largest refinery.

The public offer commenced on Monday, September 14, 2026, with 4.1 billion new ordinary shares being offered at N525 per share. The minimum subscription is 10 shares, valued at N5,250. 

The offer is expected to remain open until October 13, 2026, subject to the terms contained in the approved prospectus.

The IPO is targeted at retail and institutional investors as well as eligible African investors, marking a significant development in Nigeria’s capital market and widening public participation in the ownership of the refinery. 

The formal launch took place on the trading floor of the Nigerian Exchange in Lagos, where President of Dangote Industries Limited, Aliko Dangote, sounded the gong to mark the commencement of the landmark transaction.

The offering is particularly significant because the Dangote Refinery becomes the first refinery to be offered to investors through Nigeria’s stock market in the 66-year history of the Nigerian Exchange. 

Dangote described the transaction as a “People’s IPO”, stressing that the objective goes beyond raising capital to create broader participation in the ownership of major Nigerian businesses.

The businessman said the refinery offer represented the beginning of a wider plan to take more companies within the Dangote Group to the capital market.

The N2.15tn target ranks among the largest equity offerings in Africa and is expected to provide funding for the refinery’s long-term expansion, operational growth and strategic investments. 

The refinery, located in the Lekki Free Zone, Lagos, has been positioned as a major component of Nigeria’s drive to increase domestic refining capacity, strengthen energy security and reduce dependence on imported petroleum products.

The scale of the transaction has also attracted strong interest from Nigeria’s investment community, with the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria urging investors to consider the offer through approved investment channels. 

The market operators described the IPO as an opportunity to deepen participation in the Nigerian capital market while potentially supporting foreign exchange earnings, import substitution and wider industrial development.

All SEC-licensed stockbroking firms have been identified as accredited receiving agents for the offer, allowing prospective investors to submit applications through their preferred brokers. 

The transaction comes as the Dangote Refinery continues to expand its operations and strengthen its position as one of Africa’s most significant industrial projects.

With the offer now open, investors have until October 13 to subscribe, subject to the terms and conditions contained in the prospectus.

The IPO therefore represents not only a major fundraising exercise for Dangote Refinery but also a potentially significant step towards broadening Nigerians’ participation in the ownership of one of the country’s most strategically important industrial assets.