Dangote Refinery Sets ₦525 Per Share For $1.6bn IPO

A total of 4.1 billion ordinary shares will be offered at ₦525 per share as the Dangote Refinery held the historic Initial Public Offering (IPO) ceremony in Lagos on Monday.

Disclosed by the President of the Dangote Group, Aliko Dangote, during the sign-off ceremony for the offer documents, the company has fixed the minimum subscription for its proposed $1.6bn IPO at 10 ordinary shares, equivalent to ₦5,250.

The ceremony, attended by financial advisers and other stakeholders involved in the pan-African offering, came days after the Securities and Exchange Commission approved the share sale.

A total of 4.1 billion ordinary shares will be offered at ₦525 per share, with the company seeking to raise about ₦2.2tn from investors.

The offer values the 700,000 barrels-per-day refinery at nearly $50bn, with proceeds expected to support plans to double its current capacity to 1.4 million barrels per day.

Vetiva Advisory Services Limited is coordinating the capital raise.

The refinery’s proposed expansion could have a major impact on the Nigerian capital market, with its eventual listing projected to increase the market capitalisation of the Nigerian Exchange by more than one-third.

The company plans to list its shares on the Nigerian Exchange later this year, while discussions are also ongoing for listing on the Johannesburg Stock Exchange. It is further considering listings in Egypt, Kenya, Ghana and Rwanda.

The public offer follows a $2.5bn private placement completed in July, which attracted institutional investors and high-net-worth individuals and was reportedly oversubscribed by 270 per cent.

The IPO scheduled to open on September 14 comes at a time Nigeria is seeking to attract more foreign portfolio investment.

The Dangote Refinery, which began production in January 2024, has also rapidly expanded its footprint in international petroleum markets.

In June, it overtook the United States as the largest external supplier of jet fuel to Europe and maintained the position in July.

‘Everybody Will Now Have Stakes In The Refinery’

President/Chief Executive of Dangote Industries Limited, Aliko Dangote, on Monday declared that the IPO will give ordinary Nigerians an opportunity to buy shares in the facility.

“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”, he declared.

Chairman of Zenith Bank Jim Ovia and Chairman of Heirs Holdings Tony Elumelu were among other financial experts that graced the historic Refinery’s IPO signing ceremony held in Lagos State.

The official application list opens on September 14, 2026, and will run for exactly 25 days, officially closing on October 9, 2026.