SEC Approves Dangote Refinery IPO at ₦525 per Share

The Securities and Exchange Commission (SEC) has approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, enabling the company to offer 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the IPO could raise approximately ₦2.15 trillion.

This approval follows Aliko Dangote's announcement that the IPO would open within 10–12 days. The SEC's approval allows the refinery to proceed with its Completion Board Meeting and Signing Ceremony, marking a crucial milestone in the IPO process.

The SEC also registered the refinery's existing 120.13 billion ordinary shares. The Dangote refinery, located in Ibeju-Lekki, Lagos, currently has a capacity of 700,000 barrels per day, with plans for expansion to 1.4 million barrels per day.

The facility features advanced processing technology and extensive infrastructure, including a self-sufficient marine facility and multiple quays for efficient logistics. The IPO aims to broaden investment in one of Nigeria's largest industrial projects.