Dangote Opens N2.15tn IPO for Petroleum Refinery on NGX

On September 14, 2026, Aliko Dangote, President of Dangote Industries Limited, officially opened the N2.15 trillion Initial Public Offering (IPO) for Dangote Petroleum Refinery and Petrochemicals at the Nigerian Exchange in Lagos. This event is significant as it marks the first time a refinery has been offered to investors on the Nigerian stock market in its 66-year history.

The IPO includes 4.1 billion new ordinary shares priced at N525 each, with a minimum subscription of 10 shares, totaling N5,250. The offer will remain open until October 13, 2026.

Dangote described the IPO as a "People's IPO," aimed at broadening public participation in the company's ownership. He expressed intentions to list all future companies within the Dangote Group on the capital market, projecting a market cap of $350 billion by 2030.

Dangote emphasized the importance of democratizing the capital market and expanding public ownership in Nigeria.