The N2.15tn initial public offering of Dangote Petroleum Refinery and Petrochemicals formally opened on Monday as Aliko Dangote sounded the gong at the Nigerian Exchange in Lagos.
The milestone makes Dangote Refinery the first refinery to be offered to investors on the Nigerian stock market in the 66-year history of the Nigerian Exchange.
The IPO comprises 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares valued at N5,250. The offer opened on September 14, 2026, and will close on October 13, subject to the terms contained in the prospectus.
Speaking at the ceremony, Dangote described the offering as a way of widening public participation in the ownership of the refinery and potentially other companies within the Dangote Group.
He said the group planned to list more of its businesses on the Nigerian Exchange, describing Nigeria and Africa as the foundation of its expansion strategy.
The refinery, located in the Lekki Free Zone, Lagos, has been positioned as a major project in Nigeria’s effort to expand domestic refining capacity and reduce dependence on imported petroleum products.
The opening ceremony was attended by Lagos State Governor Babajide Sanwo-Olu and other prominent figures, including Nigerian Exchange Group Chairman Umaru Kwairanga, the Ooni of Ife, Oba Adeyeye Ogunwusi, and Zenith Bank founder Jim Ovia.
The IPO provides retail, institutional and eligible African investors with an opportunity to acquire an ownership stake in the refinery. The N525 offer price and 10-share minimum subscription also provide an entry point for individual investors wishing to participate.
The offer will remain open until October 13, 2026, in line with the conditions outlined in the prospectus.
