Dangote Refinery Unveils N2.15tn IPO, Targets 10 Million Retail Investors

Dangote Petroleum Refinery and Petrochemicals has unveiled a ₦2.15 trillion Initial Public Offering (IPO), opening the door for Nigerians and other Africans to become shareholders in the 700,000-barrel-per-day refinery.

The public offer, announced on Monday, consists of 4.1 billion ordinary shares priced at ₦525 per share, with investors able to subscribe to a minimum of 10 shares for ₦5,250.

Speaking at the launch, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the IPO was aimed at raising fresh capital to support the refinery’s planned expansion while ensuring wider public ownership of the business.

Dangote described the offer as an opportunity designed for ordinary people, stressing that there was no restriction on who could become a shareholder.

“This is the IPO for the people. There is no segregation on who can own the shares,” he said.

Refinery Capacity to Rise to 1.4m Barrels Per Day

Dangote disclosed that the company intends to double the refinery’s production capacity from 700,000 barrels per day to 1.4 million barrels per day.

According to him, the expansion will increase output and strengthen the refinery’s ability to meet demand in Nigeria, across Africa and in international markets.

He said the IPO represents the refinery’s first public offer since its commissioning in 2023 and described it as the largest IPO in Africa.

Dangote added that the transaction would give millions of Nigerians and other Africans an opportunity to participate financially in the growth of the refinery.

Vetiva: IPO Designed for Broad Participation

The Group Managing Director of Vetiva Capital Management Limited, Chuka Eseka, said the offer had been structured around transparency, accountability and broad investor participation.

Eseka explained that retail investors could subscribe electronically through bank applications, internet platforms and stockbrokers.

Institutional investors, he added, could participate electronically or submit completed application forms through designated receiving agents.

Dangote Refinery Sets 10m Retail Investor Target

The Managing Director of FirstCap, Ukandu Ukandu, disclosed that the IPO is targeting approximately 10 million retail investors.

He said achieving the target would represent a major leap beyond the current Nigerian capital market record of about 181,000 retail investors participating in a single transaction.

According to Ukandu, the ambitious target reflects the company’s intention to make ownership of the refinery accessible to a much wider section of the Nigerian population.

‘Pan-African Energy Platform’

The Chief Executive Officer of Dangote Petroleum and Petrochemicals, David Bird, highlighted the strategic importance of the refinery’s location within the Lekki Free Zone.

Bird said the facility was strategically positioned to serve Nigeria, the West African market and customers beyond the continent.

“This is not just a refinery or petrochemical complex. This is truly a pan-African energy platform,” he said.

The Chief Executive Officer of Stanbic IBTC Capital, Oladele Sotubo, also said the structure of the offer would provide ordinary Nigerians with an opportunity to acquire shares in the refinery.

SEC Approves Dangote Refinery IPO

The IPO has received approval from the Securities and Exchange Commission (SEC) and is scheduled to open on September 14 and close on October 13, subject to applicable regulatory approvals and the conditions contained in the offer documents.

Vetiva Advisory Services Limited is the Lead Issuing House and Lead Adviser, while Stanbic IBTC Capital and FirstCap are Joint Managers.

Following the offer, Dangote Petroleum Refinery plans to list the shares on the Main Board of the Nigerian Exchange Group.

As part of the incentive structure, eligible retail investors may receive up to two additional shares, subject to the applicable terms and conditions.

The ₦2.15 trillion offer marks a major development for Nigeria’s capital market, with the potential to significantly expand retail participation while providing the Dangote Refinery with additional capital for its planned capacity expansion.