Dangote Refinery Launches Major IPO for Retail Investors

Dangote Petroleum Refinery & Petrochemicals FZE is preparing to launch one of Nigeria's largest public equity offers, allowing retail investors to acquire shares in its refinery, which has a capacity of 700,000 barrels per day. The Initial Public Offering (IPO) will offer 4.1 billion new ordinary shares at a price of N525 each, aiming for gross proceeds of N2.1525 trillion.

The offer will open on September 14, 2026, and close on October 13, with a proposed listing on the Nigerian Exchange (NGX). The IPO is structured as an Offer for Subscription, meaning the funds raised will go directly to the refinery rather than existing shareholders.

Investors can participate with a minimum investment of N5,250 for 10 shares. The prospectus outlines that successful applicants will receive shares based on a Full-Allotment Threshold, and the company may allow up to 30% oversubscription, pending SEC approval.

The total share capital of Dangote Refinery comprises 125.48 billion shares, with 112.98 billion shares already issued and fully paid before this offer.