By Ikugbadi Oluwasegun
Dangote Group on Monday officially launched the Initial Public Offering for the Dangote Petroleum Refinery, unveiling what it described as Africa’s largest-ever public share sale at ₦2.15 trillion, or about $1.6 billion.
The signing ceremony held at Eko Hotels and Suites in Lagos marked the formal start of the offer for 4.1 billion ordinary shares priced at ₦525 each.
According to the offer documents, the application list will open on September 14, 2026, and run for 25 days closing on October 9, 2026.
Retail investors can subscribe with a minimum of 100 shares, valued at ₦52,500, with subsequent subscriptions in multiples of 50 shares.
Speaking at the event, Aliko Dangote, President of Dangote Group, said the IPO was designed to democratize ownership of the 650,000-barrel-per-day refinery in Lekki, Lagos, the world’s largest single-train refinery.
“This is more than a capital raise. It is a historic African milestone that opens the doors of Africa’s largest refinery to the people,” Dangote said. “For over a decade, we faced financing, regulatory, and operational hurdles. Today, we are here because we refused to give up on the dream.”
Dangote linked the listing to the group’s “Vision 2030” agenda, which prioritizes industrialization across the continent. He said energy security was central to that plan.
“The refinery is a strategic step to strengthen Nigeria’s energy security, reduce our dependence on imported petroleum products, and support manufacturing,” he added. “We want workers, entrepreneurs, and ordinary Nigerians to build wealth through ownership, not just big institutions.”
He described the project as a platform for “collective prosperity” through job creation and economic transformation and said the offer’s size just over ₦2 trillion makes it the biggest IPO in African history.
Capital market analysts said the listing could significantly deepen retail participation on the Nigerian Exchange and provide a template for financing large infrastructure projects in Africa.
“The fact that the minimum entry is ₦52,500 makes this accessible,” said one Lagos-based fund manager who attended the ceremony. “If subscription is strong, it will signal real public confidence in Nigeria’s industrial story.”
The refinery, which began operations in 2024, is expected to play a key role in addressing Nigeria’s fuel supply gaps and reducing the country’s import bill.
With the offer set to open in 12 days, all eyes will be on investor uptake as the market tests appetite for what Dangote called “an IPO for the people.”
