Nigerians Rush to Invest in Dangote Refinery IPO

On September 15, 2026, the initial public offering (IPO) for Dangote Petroleum Refinery commenced, leading to an overwhelming rush by Nigerians to purchase shares. The IPO, valued at ₦2.15 trillion, involves the sale of 4.1 billion shares priced at ₦525 each, marking it as the largest IPO in Nigeria and one of the largest in Africa.

This unprecedented demand caused disruptions in local investment and trading platforms as investors attempted to place orders. Dangote Industries Limited aims to attract up to 10 million retail investors, with a minimum subscription of 10 shares, allowing participation from as little as ₦5,250.

The IPO is set to run until October 13, with shares expected to be listed on the Nigerian Exchange (NGX) thereafter. The refinery, located in Lekki, Lagos, has a capacity of 650,000 barrels per day and is already supplying refined products domestically and internationally.

The IPO is intended to raise capital for further expansion, with plans to increase capacity to 1.4 million barrels per day.