President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has said the planned Initial Public Offering (IPO) of the 650,000 barrels-per-day Dangote Refinery will give ordinary Nigerians an opportunity to own shares in the facility.
Dangote made this known on Monday at the signing ceremony for the refinery’s IPO held in Lagos.
He said the public offering was designed to ensure that people from different walks of life could have a stake in the refinery.
“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,” Dangote said.
The IPO will offer 4.1 billion ordinary shares at ₦525 per share, with the official application list scheduled to open on September 14, 2026, and close on October 9, 2026.
Investors will be able to subscribe to a minimum of 100 shares, valued at ₦52,500, and in multiples of 50 shares thereafter.
The public offering marks the refinery’s first IPO since its commissioning in 2023, following nearly a decade of construction and an estimated investment of about $20 billion.
Located in the Lekki Free Zone, Lagos, the Dangote Refinery has a stated refining capacity of 650,000 barrels per day and is Africa’s largest single-train refinery.
The Securities and Exchange Commission has approved the IPO, with proceeds expected to support the expansion of the refinery’s capacity to 1.4 million barrels per day.
If achieved, the expansion would make the facility the largest operating oil refinery in the world, surpassing India’s Jamnagar refinery complex.
The planned share sale follows a $2.5 billion private placement completed by the company in July.
At the offer price of ₦525 per share, the refinery’s estimated market valuation stands at about $47 billion. The proposed listing is also expected to significantly increase the total market capitalisation of the Nigerian Exchange.
The company also plans to attract retail and institutional investors by proposing dollar-denominated dividend payments, supported by foreign exchange earnings from refined petroleum products and petrochemical exports.
The Dangote Refinery currently supplies more than 80 per cent of Nigeria’s domestic petrol demand, according to the company.
Chairman of Zenith Bank, Jim Ovia, Chairman of Heirs Holdings, Tony Elumelu, and other financial experts attended Monday’s IPO signing ceremony in Lagos.
