SEC Approves Dangote Refinery's ₦525 IPO for Expansion

Nigeria’s Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, allowing the sale of 4.1 billion shares at ₦525 each. This approval, disclosed by Dangote Group, positions the refinery for one of Africa’s largest equity offerings, potentially worth about ₦2.15 trillion if fully subscribed.

The IPO is set to open on September 14 and may include a 15% greenshoe option for additional shares if demand is strong. The proceeds are intended to fund the refinery's expansion, targeting an increase in processing capacity from 650,000 barrels per day to 1.4 million barrels per day.

The refinery, built at a cost of approximately $20 billion near Lagos, reached its full nameplate capacity earlier this year. Prior to this, a private placement raised about $2.5 billion, and a $1 billion underwriting program was completed in August.

SEC approval follows a previous halt in June regarding unauthorized marketing of Dangote shares.