Dangote Refinery has set a minimum IPO subscription of 10 shares worth N5,250, with the 4.1bn-share offer scheduled to open on September 14.
Aliko Dangote, chief executive officer (CEO) of Dangote Group, says the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE has a minimum subscription requirement of 10 ordinary shares, amounting to N5,250.
Dangote disclosed the figure during a signing ceremony held in Lagos on Monday, held at the Eko Hotel and Suites, Victoria Island, formally marking the start of the offer process.
Offer Details
The refinery is offering 4.1 billion ordinary shares at N525 per share, a price that values the business at roughly $47 billion. If fully subscribed, the offer is expected to raise approximately N2.15 trillion, about $1.63 billion, which would make it the largest capital market transaction in Nigeria’s history and one of the biggest listings ever undertaken on the continent.
The order book is scheduled to formally open on September 14, 2026, following approval of the offer’s key terms by Nigeria’s Securities and Exchange Commission (SEC) in a letter sent to the lead issuing house, Vetiva Advisory Services Limited.
A Milestone Nearly a Decade in the Making
Monday’s signing ceremony marks the refinery’s first public offer since its inauguration in 2023, following almost ten years of construction and an investment of about $20 billion. Located in the Lekki Free Zone in Lagos, the facility has a refining capacity of 700,000 barrels per day, making it Africa’s largest single-train refinery.
Proceeds from the offer are earmarked to fund a major expansion of the plant, raising its processing capacity from its current operational baseline to 1.4 million barrels per day, a target that, if achieved, would make it the largest operating oil refinery in the world, surpassing India’s Jamnagar complex. To broaden its appeal to both institutional and retail investors, the company has also proposed paying dividends in US dollars, aimed at cushioning shareholders against currency risk.
Coming on the Heels of a Private Placement
The IPO follows a $2.5 billion private placement completed in July, which was reported to be heavily oversubscribed. Analysts expect that, if fully subscribed, the refinery’s listing could single-handedly boost total market capitalisation on the Nigerian Exchange (NGX) by an estimated 30 to 40 percent.
Dangote had earlier said the IPO would open within 10 to 12 days of comments he made in late August, a timeline that has now firmed up around the September 14 order-book opening.
Dangote used the Lagos event to reinforce plans elsewhere in the group’s portfolio. Dangote Cement’s secondary listing on the London Stock Exchange (LSE) is still expected to proceed in October, while the group’s new coastal refinery project in Kenya, developed in partnership with East African governments, remains on track to break ground on September 30.
