The Dangote Refinery IPO opened Monday at NGN525 per share as Aliko Dangote rang the gong at the NGX. The landmark offer comprises 4.1 billion ordinary shares, targeting about NGN2.15 trillion from investors across Nigeria and beyond.
Dangote sounded the ceremonial gong at the Nigerian Exchange trading floor in Lagos, formally commencing the public share offer. The transaction marks the first time a refinery has entered Nigeria’s stock market through a public share offering.
Investors can subscribe for a minimum of 10 shares, costing NGN5,250 under the approved offer terms. Meanwhile, the subscription window will remain open until October 13, 2026, giving investors several weeks to participate. Retail investors can access the offer through approved receiving agents and electronic application channels during the subscription period.
According to Reuters, the transaction represents Africa’s largest initial public offering and could raise $1.6 billion. Funds from the IPO will support expansion plans, including increasing refinery capacity to 1.4 million barrels daily.
Currently, the facility operates at about 700,000 barrels per day, making it Africa’s largest single-train refinery. Furthermore, the Dangote Refinery IPO expands public participation in one of Africa’s biggest industrial projects.
The refinery began operations in 2024 and now supplies petroleum products across Nigeria and international markets. Dangote retains a majority stake, while new investors gain an opportunity to own shares in the business.
Market watchers will closely monitor demand as investors respond to Nigeria’s largest public share offering. For Nigerians, the Dangote Refinery IPO creates a direct investment opportunity in the country’s expanding energy sector. The offer closes October 13, while listing will follow later, subject to regulatory and market processes.
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