Dangote Petroleum Refinery and Petrochemicals has announced plans to raise about ₦2.15 trillion ($1.6 billion) through an Initial Public Offering, IPO, targeting participation from as many as 10 million Nigerian investors.
The public offer is scheduled to open on September 14, 2026, and will allow investors to subscribe for shares through a technology-driven platform integrated with the Bank Verification Number (BVN) system.
The proposed transaction is expected to rank among the largest equity offerings in Nigeria’s capital market. It also includes an overallotment option of up to 30 per cent of the offer size, while the company plans to list its shares on the Main Board of Nigerian Exchange Limited, subject to regulatory approvals.
The BVN-linked subscription system is designed to enable investors across the country to participate digitally, with the company positioning the offer as a way of widening retail participation in the capital market.
At the IPO signing ceremony, Aliko Dangote, Chairman of the Board of Directors of Dangote Petroleum Refinery and Petrochemicals and Founder of Dangote Industries Limited, said the offer would give Nigerians an opportunity to take direct ownership in the refinery.
“Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation,” Dangote said.
He said the refinery was built to contribute to Nigeria’s energy security and have a wider impact on Africa’s energy landscape.
Dangote said the offer was also intended to promote broader ownership and inclusive participation in the company’s future growth.
“This offer presents Nigerians with a unique opportunity to become co-owners of a world-class refinery that is transforming Africa’s energy landscape,” he said.
According to the company, integrating BVN verification with digital application channels would make the subscription process accessible to both first-time investors and existing market participants.
The planned IPO comes as the Dangote refinery seeks to deepen its role in Nigeria’s petroleum supply chain and marks a major proposed transaction for the Nigerian equities market.
Upon completion of the offer and receipt of all necessary regulatory approvals, the company’s shares will be listed on the NGX Main Board.