In what is set to redefine the landscape of African capital markets, Dangote Petroleum Refinery and Petrochemicals Limited formally kicked off its Initial Public Offering (IPO) on Monday, September 7, 2026, with the signing ceremony for a massive 4.1 billion ordinary shares.
The event sets the stage for an unprecedented 10 million retail and institutional subscribers to acquire an equity stake in Africa’s largest single-train refinery.
The high-profile signing ceremony took place at the Grand Ballroom of the Eko Hotels & Suites in Victoria Island, Lagos. Financial leaders, stockbrokers, and corporate dignitaries gathered as executives executed the binding prospectus cleared by the Securities and Exchange Commission (SEC).
The public offer seeks to raise approximately ₦2.15 trillion ($1.6 billion) by offering 4.1 billion ordinary shares at ₦525.00 per share. The order book is set to officially open on September 14, 2026, and will run through October 13, 2026.
Delivering the opening address, President and Chief Executive of Dangote Industries Limited, Alhaji Aliko Dangote, emphasized the democratic vision behind the public listing.
”What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” declared Aliko Dangote. “This is the IPO for the people.”
Distinguished capital market leaders and industrial titans voiced strong backing during the event. Tony Elumelu, Chairman of Heirs Holdings, Hailed the offer as a transformative step toward domestic wealth creation, noting that democratizing ownership in critical infrastructure is vital for regional economic independence.
Jim Ovia, Chairman of Zenith Bank: Praised the structural resilience of the transaction, highlighting that paying dividends in US dollars, funded by the facility’s extensive export streams, provides a strategic foreign exchange hedge for investors.
Dr. Emomotimi Agama, Director-General of the SEC: Confirmed regulatory approval, describing the float as a landmark transaction that elevates the Nigerian Exchange (NGX) to international prominence.
Located in the Lekki Free Zone, Lagos, the 650,000 barrel-per-day facility represents a $20 billion investment. Proceeds from the public float will primary fund growth capital expenditure, supporting plans to expand refining processing capacity to 1.4 million barrels per day.
If fully subscribed, the listing is projected to expand the total market capitalization of the NGX by up to 40%.
