In what is set to become Africa’s largest public share sale, the Securities and Exchange Commission (SEC) has officially approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
The regulatory clearance authorizes the company to offer 4.1 billion ordinary shares to the public at N525 per share, creating a potential N2.15 trillion capital raise. In addition to approving the public offer, the apex regulator registered 120.13 billion existing ordinary shares for the company, placing its overall valuation at over $40 billion.
The approval was formally communicated via an official letter sent on Friday, September 4, 2026, to the Lead Issuing House, Vetiva Advisory Services Limited. The regulatory notice was signed by Abdulkadir Abbas, Director of the Securities and Investment Services Department at the SEC.
The SEC clearance gives the company the legal mandate to proceed with its official Completion Board Meeting and Signing Ceremony, scheduled for early next week at the Nigerian Exchange (NGX) complex in Lagos.
According to transaction sources, public order books are expected to open on September 14, 2026.
Speaking on the vision for the listing during a business conference, Aliko Dangote, President and Chief Executive Officer of the Dangote Group, noted that the public offer will be open to institutional and retail investors across the continent.
”This is not just a Nigerian listing; it’s an African listing. We are going to pay dividends to all investors in dollar terms,” Dangote stated.
The proceeds from the historic float will support the operational scale-up of the 2,635-hectare complex in Ibeju-Lekki, Lagos. Currently operating at a processing capacity of 700,000 barrels of crude oil per day (bpd), plans are underway to expand facility capacity to 1.4 million bpd.
The facility is integrated with a 900,000-tonne annual polypropylene plant, a 435-megawatt power plant, and a marine terminal featuring five Single Point Moorings (SPMs) and 177 storage tanks holding 4.742 billion liters.
With final documents set to be executed next week, market analysts expect the listing to dramatically boost liquidity on the Nigerian Exchange and broaden retail participation in West Africa’s energy sector.
