Dangote Refinery IPO Sets Record in Nigerian Market

Olaniwun Ajayi LP announced its role as Joint Solicitor for the Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) Initial Public Offering (IPO), which involves up to 4.1 billion ordinary shares. The IPO, launched on September 14, 2026, is expected to be the largest in Nigeria and Africa, marking the first public offering by a Nigerian Free Zone Enterprise.

Aliko Dangote's fortune rose to $51.3 billion following the IPO's launch on the Nigerian Exchange (NGX), which saw N1.5 trillion invested within the first hour. The law firm emphasized that the transaction sets a significant precedent for capital raising by Free Zone Enterprises and contributes to the development of Nigeria's capital market.

The proceeds from the IPO are intended to support DPRP's long-term growth strategy, including expanding refining capacity to 2.1 million barrels per day by 2030. Dangote also announced plans for a new facility in Kenya to be operational within two years.