Dangote Petroleum Refinery and Petrochemicals has fixed the minimum subscription for its proposed $1.6 billion initial public offering (IPO) at 10 ordinary shares, equivalent to ₦5,250.
The company disclosed the terms during the signing of the offer documents in Lagos on Monday, as it prepares to launch what is expected to be one of Africa’s largest public equity offerings.
The IPO involves 4.1 billion ordinary shares priced at ₦525 each and is expected to raise approximately ₦2.15 trillion if fully subscribed.
The offer is scheduled to open on September 14 and close on October 13, 2026, with Vetiva Advisory Services Limited coordinating the capital raise.
Speaking at the signing ceremony, Dangote Group President Aliko Dangote said the company was deliberately opening the offer to a broad range of retail investors, with the objective of allowing ordinary Nigerians and other investors across Africa to participate in the ownership of the refinery.
The minimum subscription of 10 shares means investors can participate in the offer with ₦5,250, before applicable transaction charges and other costs.
The proposed share sale follows approval from the Securities and Exchange Commission (SEC), clearing the way for the refinery to proceed with the public offering.
The refinery is being valued at nearly $50 billion under the offer, while the funds raised are expected to support its expansion programme.
Dangote Refinery currently has a processing capacity of about 700,000 barrels per day. The company plans to increase this to 1.4 million barrels per day as part of a wider expansion programme.
The expansion is expected to strengthen the refinery’s position in Nigeria’s petroleum products market and increase its capacity to supply refined products to both domestic and international markets.
The IPO is also significant for Nigeria’s capital market, with the proposed listing expected to substantially increase the market capitalisation of the Nigerian Exchange.
Reports indicate that the transaction is targeting up to 10 million retail investors, reflecting the company’s ambition to broaden participation beyond institutional investors and wealthy individuals.
The public offer comes as the refinery continues to expand its operations following the commencement of commercial production in 2024. Its increased refining capacity has made it an important player in Nigeria’s efforts to reduce dependence on imported refined petroleum products.
The planned equity sale is therefore expected to attract considerable attention from investors seeking exposure to one of Africa’s largest industrial projects.
However, prospective investors are expected to rely on the final regulatory-approved offer documents for complete information on the terms, risks and conditions of the investment.
The Dangote Refinery IPO is expected to become a major milestone for Nigeria’s capital market if the company achieves its targeted ₦2.15 trillion raise.
