Aliko Dangote, President of Dangote Industries Limited, on Monday officially commenced the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals by sounding the gong at the Nigerian Exchange (NGX).
The event took place on the NGX trading floor in Lagos and represents a historic milestone, as it is the first time a refinery has been offered to investors through the Nigerian stock market in the 66-year history of the Exchange.
The public offer, which commenced on Monday, September 14, 2026, comprises 4.1 billion new ordinary shares being offered at N525 each.
Investors can subscribe to a minimum of 10 shares, with the minimum investment set at N5,250. The offer will remain open until October 13, 2026, in line with the terms outlined in the prospectus.
Addressing guests at the launch, Dangote said the decision to take the company to the capital market was aimed at creating wider opportunities for people to participate in the ownership of his businesses.
“We will lease every company that we operate,” he said.
Through the offer, retail and institutional investors, as well as eligible investors across Africa, can acquire an ownership stake in Dangote Refinery, which is Africa’s largest refinery.
The ceremony was attended by several dignitaries, including Lagos State Governor, Babajide Sanwo-Olu, associates of the Dangote Group and members of the Dangote family, among them two of Dangote’s daughters.
With the sounding of the gong, investors can now commence subscriptions for shares in the refinery as the public offer gets underway.
The IPO is expected to expand public ownership of Dangote Refinery and contribute to increased participation and activity within Nigeria’s capital market.
Based on the offer price of N525 per share, the 4.1 billion shares could generate approximately N2.15tn for the company if the entire offer is fully subscribed.
Details later…
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