Dangote Petroleum Refinery and Petrochemicals FZE on Monday officially opened its landmark ₦2.15 trillion initial public offering (IPO) on the Nigerian Exchange (NGX), marking the largest public equity offering ever undertaken by a private industrial enterprise in Africa.
The subscription window, which opened September 14 and is scheduled to close on October 13, 2026, offers 4.1 billion ordinary shares to the public at ₦525 per share. Aiming to foster broad-based retail participation, the company established a low entry threshold of 10 units valued at ₦5,250, alongside an approved 30 percent oversubscription green-shoe provision that could absorb an additional 1.23 billion shares.
According to reports published by THISDAY, proceeds from the floatation will fund the refinery's ambitious multi-billion-dollar operational expansion. The initiative aims to double daily processing capacity from 700,000 barrels per day to 1.4 million barrels per day, while scaling up polypropylene output from 900,000 metric tonnes to 2.4 million metric tonnes per annum.
Aliko Dangote, President of the Dangote Group, underscored that the offer is intended to extend direct ownership of the mega-complex to ordinary citizens across the continent.
"This IPO is not only about raising capital; it is about democratising wealth creation, broadening participation in Africa's industrial future and giving millions of investors the opportunity to own a stake in a world-class enterprise," Dangote said during an investor briefing. "It's a legacy we are laying down; nobody will live forever."
Market operators anticipate that the listing will provide a substantial boost to domestic equities, potentially lifting total NGX market capitalisation by more than a third. The offering follows Nigeria's recent reinstatement to Frontier Market status by FTSE Russell, a transition projected to accelerate foreign institutional inflows into the domestic bourse.
Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, hailed the debut as a transformative epoch for West Africa's capital market architecture.
"The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents," Popoola said in an official statement.
To expand accessibility, the issuer partnered with financial technology platforms, including Remita Payment Services Limited and PiggyVest, allowing retail subscribers to acquire units via automated smartphone applications alongside traditional brokerage firms and issuing banks.
In an official circular released alongside the launch, the Securities and Exchange Commission (SEC) urged the investing public to conduct due diligence and execute orders solely through approved conduits.
"Prospective investors are specifically advised to obtain information about the IPO only from the SEC official channels, issuer's official channels, and other official channels established and approved for the IPO," the Securities and Exchange Commission stated, warning subscribers against unauthorised intermediaries and phishing schemes.
