Dangote Petroleum Refinery and Petrochemicals has commenced a public offer of 4.1 billion ordinary shares on the Nigerian Exchange, giving Nigerians and other eligible investors an opportunity to acquire equity in the multibillion-dollar refinery.
The shares are being offered at N525 each, putting the total value of the offer at approximately N2.15 trillion.
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, formally opened the offer on Monday by ringing the opening bell at the NGX trading floor in Lagos.
The transaction marks a major milestone for Nigeria’s capital market, as it represents the first time a refinery is being offered to investors on the Nigerian stock market since the establishment of the NGX 66 years ago.
The offer is open to retail and institutional investors, as well as other eligible investors across Africa. Individual investors can subscribe for a minimum of 10 shares at N525 per share, requiring an initial investment of N5,250.
The public offer opened on September 14, 2026, and is expected to close on October 13, 2026, subject to the terms and conditions outlined in the offer prospectus.
Dangote: ‘People’s IPO’
Speaking at the opening ceremony, Dangote described the transaction as a “People’s IPO”, saying it was designed to increase public participation in the ownership of companies within the Dangote Group.
According to him, the group believes in sharing its prosperity with the people while creating opportunities for Nigerians to participate directly in the ownership of major businesses.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started,” Dangote said.
He stressed that the initiative was not solely about the refinery, suggesting that the company’s broader objective was to deepen public participation in the Dangote Group.
Dangote further disclosed that the group intends to list more of its companies on the Nigerian Exchange as part of its plans to broaden ownership and strengthen Nigeria’s capital market.
“We, as a group, will list every single company that will operate,” he said.
He also indicated that some of the group’s companies could eventually seek listings on international stock exchanges, while maintaining that Nigeria and Africa would remain the foundation of its expansion.
“From this exchange, then we can go to any other place. So, Nigeria and Africa is our base. We want to make sure that we join our continent,” he added.
Boost for Nigerian capital market
The share offer provides Nigerians and other eligible investors with an opportunity to own part of the Dangote Refinery, which is located within the Lekki Free Zone in Lagos.
The refinery has been positioned as a strategic investment in Nigeria’s energy sector, with the facility expected to play a significant role in boosting domestic petroleum refining capacity and reducing the country’s dependence on imported refined products.
The commencement of the public offer is also expected to deepen the Nigerian capital market by introducing one of the country’s largest industrial assets to a wider pool of investors.
The opening ceremony attracted prominent government officials, traditional rulers, financial sector executives and business leaders.
Among those present were Lagos State Governor Babajide Sanwo-Olu; President and Chairman of the Nigerian Exchange Group, Umaru Kwairanga; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi; Zenith Bank founder, Jim Ovia; and other stakeholders in Nigeria’s business and capital market sectors.
The offer is expected to attract significant interest from retail and institutional investors as the Dangote Group seeks to expand public ownership of its businesses through the Nigerian Exchange.
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