Dangote to Keep 84.34% Control Post N2.15 Trillion IPO

Aliko Dangote's beneficial ownership of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) will remain at 84.34% following a planned Initial Public Offering (IPO) of N2.15 trillion, as detailed in the company's prospectus dated September 7, 2026. Despite indications from his largest shareholding vehicle suggesting a 65.8% stake, Dangote's economic control is distributed across four corporate entities: DORCL, DIL, Greenview, and a 60% interest in Salamad Ventures Limited.

This results in a total beneficial interest of 104,834,654,430 shares, equating to 87.2685% of DPRP. The IPO will issue 4.1 billion new shares at N525 each, with existing shareholders not selling down, leading to a minor dilution of Dangote's stake to approximately 84.34%.

The Nigerian National Petroleum Corporation (NNPC) will see its holding decrease from 6.815% to about 6.59%. The IPO, approved by the Securities and Exchange Commission on September 5, aims to introduce new investors while maintaining Dangote's substantial control over the refinery.