The Dangote Petroleum Refinery and Petrochemicals is set to open its much-anticipated Initial Public Offering (IPO) on September 14, 2026, giving Nigerians and other eligible investors an opportunity to become shareholders in one of Africa’s biggest industrial projects.
The company has signed the necessary IPO documents with its advisers ahead of the public offer, marking another major step towards opening ownership of the refinery to the investing public.
The offer involves 4.1 billion ordinary shares priced at N525 each, which could raise about N2.15 trillion, or roughly $1.6 billion, if fully subscribed.
The minimum subscription has been fixed at 10 shares, costing N5,250, a structure designed to make it possible for ordinary Nigerians and smaller investors to participate rather than leaving the offer exclusively to large institutional investors.
The planned IPO is expected to become one of the largest share offerings in Africa and a major event for Nigeria’s capital market.
Dangote Industries Limited President and Chief Executive Officer, Aliko Dangote, said the company wants ordinary Nigerians, including its workers, to have the opportunity to own a stake in the refinery.
The public offer is also expected to target millions of retail investors. Transaction advisers have said the structure is designed to accommodate up to 10 million investors, potentially making it one of the widest retail investment opportunities in Nigeria’s history.
The money raised from the IPO is expected to support the refinery’s expansion plans, including increasing its processing capacity to about 1.4 million barrels per day. The expansion would potentially make the facility the largest operating oil refinery in the world.
The Dangote Refinery, located in the Lekki Free Zone in Lagos, was built at an estimated cost of about $20 billion and has become a major player in Nigeria’s petroleum industry since commencing operations.
The proposed public offer will also give investors an opportunity to participate in the future growth of the refinery and its petrochemical business.
According to reports, the IPO is expected to run for about one month, with the offer scheduled to close in October. The company is then expected to list its shares on the Nigerian Exchange in November 2026, subject to the necessary processes and approvals.
The company has also indicated that its dollar-denominated operations will allow it to structure dividends in US dollars, a feature intended to make the investment attractive to investors concerned about naira volatility.
However, potential investors have been advised to understand that buying shares comes with risks and that subscription does not automatically guarantee allotment.
The official Dangote IPO platform currently lists the offer price at N525 per share and a minimum subscription of 10 shares, while warning prospective investors to use only approved subscription channels and never share their PIN, password or OTP.
The September 14 opening will therefore mark a significant moment for Dangote Refinery, Nigeria’s capital market and ordinary Nigerians who may now have an opportunity to own a small part of the company behind one of the country’s biggest industrial investments.
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