Dangote Refinery IPO Opens at N525 Per Share

Dangote Refinery IPO has opened, giving investors an opportunity to take ownership in Africa’s largest refinery and one of the continent’s biggest industrial projects.

The Dangote Petroleum Refinery & Petrochemicals FZE officially began its Initial Public Offering on 14 September 2026. The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos.

The IPO offers 4.1 billion new ordinary shares at N525 per share. Investors can subscribe for a minimum of 10 shares, costing N5,250. The offer is expected to close on 13 October 2026, subject to the conditions set out in the Prospectus.

The Dangote Refinery IPO targets retail and institutional investors, as well as eligible investors across Africa. The company said the move aims to widen ownership and encourage greater participation in Nigeria’s capital market.

The offer could raise about N2.15 trillion, placing it among the largest equity offerings ever seen in Africa. Dangote Refinery plans to use the funds to support long-term growth, expand operations, make strategic investments and create further value for shareholders and other stakeholders.

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, described the IPO as an important new stage for the refinery and Nigeria’s wider economy.

“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.

We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can to build wealth, strengthen the capital market, and accelerate economic inclusion. We invite investors to join us as partners in building a globally competitive enterprise that will continue to shape the future of energy, manufacturing, Executive Officer of Nigerian Exchange Group, also highlighted the wider importance an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but benefit from the value being created.

We believe that broad-based ownership is one of the most effective ways to build wealth, strengthen the capital market, and accelerate economic inclusion. We invite investors to join us as partners in building a globally competitive enterprise that will continue to shape the future of energy, manufacturing, and economic development in Africa.”

Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, also highlighted the wider importance of the transaction for Nigeria’s capital market.

“The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents.

Our capital market must increasingly become a place where Nigerians can participate in the value created by our country’s most important businesses. That means broadening ownership, expanding access and creating stronger connections between Nigerian enterprise and Nigerian capital.

At NGX Group, we have been deliberately building the infrastructure to make that possible. Through NGX Invest and connectivity across more than 50 distribution channels, including stockbrokers, banks and fintechs, we are making participation in the public market more accessible.

This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth.”

The refinery has become a strategic national asset, supporting Nigeria’s energy security while reducing reliance on imported refined petroleum products. It also helps conserve foreign exchange and strengthens Nigeria’s position as a major exporter of petroleum products.

Since starting commercial operations, the refinery has supplied premium-quality petroleum products to both domestic and international markets. Its activities have also supported industrial development and wider economic transformation across the region.

The company said the Dangote Refinery IPO has been designed to make participation accessible, transparent and technology-enabled. Eligible investors can subscribe through approved channels, including NGX Invest, designated commercial banks and authorised investment platforms, in line with the terms of the Prospectus.

The opening ceremony at the Nigerian Exchange marks another major step in the refinery’s development. Dangote Refinery has also reaffirmed its focus on operational excellence, corporate governance, sustainable growth and long-term shareholder value.

This article is for informational purposes only and does not constitute financial or investment advice. Please consult a licensed financial advisor before making investment decisions.

With the Dangote Refinery IPO now open, will broader public ownership create a new chapter for Nigeria’s capital market?