Dangote Refinery IPO Launches on Nigerian Exchange

The Initial Public Offering (IPO) of Dangote Refinery and Petrochemicals FZE officially began on the Nigerian Exchange Limited (NGX) on September 14, 2026. This event marks a significant milestone as it is the first refinery to be offered on the Nigerian stock market in the Exchange's 66-year history.

Aliko Dangote, President of Dangote Group, participated in the ceremony by sounding the closing gong. The IPO is valued at approximately ₦2.15 trillion (about $1.6 billion) and includes 4.1 billion ordinary shares priced at ₦525 each.

The offering targets around 10 million Nigerian investors, aiming to enhance retail participation in the capital market. Dangote stated that the refinery has become the largest supplier of jet fuel to Europe and has sold out its jet fuel production for August and September, reserving supplies for the Nigerian market.

The Dangote Refinery, located in Lekki, Lagos, has a refining capacity of 700,000 barrels per day, positioning Nigeria as a key player in the petroleum products market.