The Dangote Petroleum Refinery and Petrochemicals has launched a N2.15 trillion Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX), offering retail and institutional investors the opportunity to acquire shares in the refinery.
The public offer was formally opened on Monday, September 14, 2026, following a ceremony at the NGX trading floor in Lagos, where President of Dangote Industries Limited, Aliko Dangote, rang the closing gong.
The offer makes Dangote Refinery the first refinery to be listed on the Nigerian Exchange since the establishment of the stock exchange 66 years ago.
The IPO comprises 4.1 billion ordinary shares priced at N525 per share. The minimum subscription is 10 shares, valued at N5,250.
Subscription opened on September 14 and is scheduled to close on October 13, subject to the terms of the prospectus.
If fully subscribed, the offer will raise N2.15 trillion. Retail and institutional investors, as well as eligible African investors, are eligible to participate.
Speaking at the launch, Dangote described the offer as a “People’s IPO”, saying it was designed to broaden ownership and provide ordinary Nigerians with an opportunity to invest in the refinery.
“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 also disclosed that the refinery’s public offering was part of a broader plan to list other companies within the Dangote Group on the Nigerian Exchange.
He reaffirmed the group’s confidence in Nigeria’s capital market, describing the NGX as a foundation for potential expansion to 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 was attended by Lagos State Governor Babajide Sanwo-Olu; NGX Group Chairman, Umaru Kwairanga; Ooni of Ife, Oba Adeyeye Ogunwusi; Zenith Bank founder, Jim Ovia; and Dangote Industries Vice President, Oil, Gas and Fertiliser, Devakumar Edwin, among others.
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