Dangote Refinery IPO Offers Shares at ₦525 Each

The Petroleum Refinery and Petrochemicals FZE launched its initial public offering (IPO) on September 14, 2026, offering 4.1 billion ordinary shares at ₦525 each, with the offer closing on October 13, 2026. If fully subscribed, the IPO could raise approximately ₦2.15 trillion.

Investors can apply for a minimum of 10 shares, costing ₦5,250, while 100 shares would require ₦52,500, and 1,000 shares would cost ₦525,000. Shareholders earn through capital gains or dividends, but there are no guaranteed payouts.

The refinery reported over $13 billion in revenue and a net profit of $1.82 billion in the first half of 2026. However, dividends depend on company performance, cash requirements, and board decisions.

Economists Sheriffdeen Tella and Paul Alaje suggested potential timelines for dividends, estimating they could be paid within six months to one year or within the first two years of operation, respectively.