The Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE opens today, September 14, 2026, offering Nigerians and other eligible investors an opportunity to acquire shares in the multibillion-dollar refinery.
The public offer involves 4.1 billion ordinary shares at ₦525 per share and is expected to raise about ₦2.15 trillion ($1.6 billion) if fully subscribed. The offer will close on October 13, 2026.
The IPO is regarded as one of the biggest public share offerings in Africa and is expected to give retail investors an opportunity to own part of the refinery, which has a processing capacity of about 700,000 barrels per day.
The minimum subscription is 10 shares, costing ₦5,250, while additional shares can be purchased in multiples of 10.
Speaking at the signing ceremony for the IPO documents in Lagos, President of Dangote Industries Limited, Aliko Dangote, said the offering was designed to give ordinary Nigerians an opportunity to become shareholders in the refinery.
“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,” Dangote said.
He said the IPO would broaden participation in the ownership of the refinery and give Nigerians an opportunity to benefit from the growth of the business.
The funds raised from the IPO are expected to support the company’s expansion plans, including efforts to increase the refinery’s capacity to about 1.4 million barrels per day by 2029.
The proposed expansion is estimated at $14.3 billion.
Dangote said the company was focused on building a major energy business capable of serving both Nigeria and international markets.
The refinery, which began operations in 2024, has become a major player in Nigeria’s petroleum market and has expanded its supply of refined petroleum products to domestic and international markets.
The company recorded a significant turnaround in the first half of 2026, reporting a profit of about $1.82 billion, compared with a $476 million loss in the corresponding period of 2025.
The IPO process has also been structured to encourage participation by retail investors, with investors able to subscribe through SEC-approved receiving agents and electronic application channels.
Dangote said the public offer was intended to make ownership of the refinery more accessible to Nigerians.
“This is an opportunity for Nigerians to participate in what we have built,” he said.
He added that the company would continue to pursue its expansion plans while strengthening its contribution to Nigeria’s energy security.
However, prospective investors have been advised to understand the risks associated with buying shares. The value of shares can rise or fall, while dividends are not guaranteed.
The Dangote Refinery IPO is expected to be followed by a listing of the company’s shares on the Nigerian Exchange, with the listing currently projected for November 2026.
The public offer marks a major development in Nigeria’s capital market and could broaden public ownership of one of the country’s most prominent industrial assets.