Aliko Dangote, President of Dangote Industries Limited, formally opened the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals at the Nigerian Exchange (NGX) on Monday.
Dangote sounded the closing gong at the NGX trading floor in Lagos to mark the start of the offer, making the refinery the first to be listed for public subscription on the exchange in its 66-year history.
The IPO, which opened on Monday, September 14, 2026, comprises 4.1 billion new ordinary shares priced at ₦525 each. Investors can subscribe to a minimum of 10 shares, valued at ₦5,250, with the offer scheduled to close on October 13, 2026, subject to terms in the prospectus.
The listing follows months of anticipation in Nigeria’s capital market. Dangote’s refinery, sited in the Lekki Free Zone, reached its full 650,000 barrels-per-day processing capacity in February 2026, and the company had earlier raised $2.5 billion through a private placement in July, according to a filing with Nigeria’s Securities and Exchange Commission (SEC). Analysts have described the planned listing as one of the largest in African capital-market history.
Speaking at the ceremony, Dangote said the public offering was part of an effort to widen ownership participation across his companies. “We will lease every company that we operate,” he said.
Who Can Invest
The offer is open to retail and institutional investors, along with eligible investors across Africa, giving them a stake in a refinery description by the company as Africa’s largest.
The Nigerian National Petroleum Company Limited (NNPC) already holds a separate 20% equity stake in the refinery, unrelated to the new public shares on offer.
Lagos State Governor Babajide Sanwo-Olu attended the ceremony, alongside members of the Dangote family, including two of Dangote’s daughters.
The listing is expected to be closely watched by investors across the continent in the coming weeks as subscription figures come in ahead of the October 13 deadline.
