Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, has formally launched the public offer of shares in Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange (NGX).
Dangote marked the commencement of the offer by ringing the opening bell at the NGX trading floor in Lagos on Monday, September 14, 2026, signalling the start of a landmark transaction for Nigeria’s capital market.
The public offer comprises 4.1 billion ordinary shares priced at ₦525 each. At the offer price, the transaction could raise about ₦2.15 trillion if fully subscribed, equivalent to roughly $1.6 billion.
The offer is open to retail and institutional investors, including eligible investors across Africa. The minimum subscription is 10 shares, meaning investors can participate with ₦5,250 at the offer price.
The offer opened on September 14 and is scheduled to close on October 13, 2026, subject to the terms contained in the offer documents. Trading in the shares is expected to commence later in the year.
The transaction represents a significant development for the Nigerian capital market, as the Dangote refinery becomes the first refinery in the 66-year history of the Nigerian Exchange to open its ownership to public subscription.
Dangote said the public offer is part of a broader strategy to increase public participation in the ownership of companies within his business group.
The refinery, located in the Lekki area of Lagos, has a current processing capacity of about 700,000 barrels of crude oil per day. The company plans to expand capacity to 1.4 million barrels per day over the next three years.
Funds from the public offer are expected to support the refinery’s expansion plans and strengthen its capacity to raise additional capital through the financial markets.
The transaction also comes after Dangote raised $2.5 billion through a private placement in July, attracting institutional investors including the Africa Finance Corporation.
The refinery has emerged as a major player in Nigeria’s petroleum industry since commencing operations in 2024. Its expansion is expected to increase the volume of refined petroleum products available for domestic consumption and export.
Recent financial disclosures cited by Reuters showed that the refinery recorded a net profit of $1.82 billion in the first half of 2026, compared with a loss of $476 million recorded for the whole of 2025.
The public offer is expected to attract significant interest from retail investors, with digital channels being used to make participation more accessible.
The launch further deepens the relationship between Nigeria’s capital market and the country’s rapidly expanding private-sector energy infrastructure.
With the offer now open, investors have until October 13 to submit applications under the terms of the offer.
