SEC Approves Dangote Refinery IPO at N525 Per Share

The Securities and Exchange Commission (SEC) has approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, allowing the company to offer 4.1 billion ordinary shares at N525 each. If fully subscribed, the IPO could raise approximately N2.15 trillion.

The SEC's approval clears the way for the next stages of the offering, including the Completion Board Meeting and Signing Ceremony. The approval was communicated in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, signed by Abdulkadir Abbas, the Director of the Securities and Investment Services Department of the SEC.

Additionally, the SEC 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 IPO is part of efforts to broaden investment in one of Nigeria's largest industrial projects.