The Dangote Petroleum Refinery and Petrochemicals FZE has fixed the offer price of its Initial Public Offering (IPO) at ₦525 per share, with investors able to subscribe for a minimum of 10 shares worth ₦5,250.
The public offer comprises 4.1 billion ordinary shares, with the company targeting about ₦2.15 trillion ($1.63 billion) from investors.
The Securities and Exchange Commission (SEC) has approved the IPO, paving the way for what is expected to become one of Africa’s largest-ever public share offerings.
The IPO is designed to give ordinary Nigerians and other eligible investors an opportunity to acquire an ownership stake in the Dangote Refinery, which has become one of the most significant industrial assets in Africa.
Dangote Group President and Chief Executive, Aliko Dangote, said the objective was to make ownership accessible to a broad section of the public, including workers and small investors.
The funds raised through the offer are expected to support the refinery’s expansion plans, including increasing its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day. The expansion programme is estimated at about $14.3 billion.
The refinery, which commenced operations in 2024, has recorded a significant improvement in its financial performance. It reported a $1.82 billion profit after tax in the first half of 2026, compared with a $476 million loss in the corresponding period of 2025.
HOW MUCH WILL INVESTORS NEED?
At the offer price of ₦525 per share:
– 10 shares — ₦5,250
– 100 shares — ₦52,500
– 500 shares — ₦262,500
– 1,000 shares — ₦525,000
– 2,000 shares — ₦1.05 million
– 5,000 shares — ₦2.625 million
– 10,000 shares — ₦5.25 million
The official Dangote IPO platform says investors must subscribe only through approved channels and warns investors never to disclose their PIN, password or OTP to anyone.
Approved subscription channels listed by Dangote include participating banks, fintech platforms, mobile-money operators and NGX Invest. Investors will also need their BVN and matching personal/bank information to complete the process.
Reports indicate that the offer is expected to open on September 14, 2026, and close on October 13, 2026, with the shares expected to be listed on the Nigerian Exchange later in November. However, investors should rely on the final dates formally confirmed through the official IPO channels.
IMPORTANT WARNING TO INVESTORS
Investors should understand that buying the shares at ₦525 does not guarantee that the market price will rise after listing. An IPO subscription is also not an automatic guarantee that an investor will receive the entire number of shares applied for.
The official Dangote IPO website advises prospective investors to read the prospectus carefully and seek guidance from their stockbrokers or financial advisers where necessary.
The Dangote Refinery IPO therefore represents a major opportunity for Nigerians to participate directly in the ownership of one of Africa’s largest industrial projects, while also carrying the normal risks associated with investing in the stock market.
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