Dangote Refinery IPO Signing Set for September 7

On September 7, Dangote Petroleum Refinery and Petrochemicals FZE will hold a signing ceremony for its Initial Public Offering (IPO) at Eko Hotels in Lagos, following approval from the Securities and Exchange Commission (SEC). The IPO involves offering 4.1 billion ordinary shares priced at ₦525 each, with the potential to raise approximately ₦2.15 trillion if fully subscribed.

The SEC's approval was communicated in a letter signed by Abdulkadir Abbas, Director of the Securities and Investment Services Department. Aliko Dangote, founder of the Dangote Group and Africa's richest person, aims for a valuation of about $50 billion for the refinery, which has a capacity of 650,000 barrels per day.

The company plans to sell up to a 10 percent stake, potentially raising around $5 billion based on the targeted valuation. The SEC has also registered the refinery's existing 120.13 billion ordinary shares as part of the IPO process.