Olaniwun Ajayi LP Guides Dangote Refinery's Landmark IPO

Olaniwun Ajayi LP has described the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) as a significant development for Nigeria. The law firm acted as Joint Solicitor to the Issue, advising on legal aspects of the offer, which involves up to 4.1 billion ordinary shares.

The IPO is anticipated to be the largest in Nigeria and Africa, marking the first public offer of shares by a Nigerian Free Zone Enterprise. The firm emphasized that the transaction sets an important precedent for capital raising by Free Zone Enterprises and contributes to the development of Nigeria’s capital market by broadening public participation in a major industrial asset.

The IPO attracted strong investor interest, with commitments of N1.5 trillion within the first hour of its launch on September 14, 2026. The proceeds are expected to support DPRP’s long-term growth strategy, including plans to increase refining capacity to 2.1 million barrels per day by 2030.