Dangote Opens ₦2.15trn Refinery IPO at Nigerian Exchange
A major milestone in Nigeria’s capital market was recorded on Monday as business mogul Aliko Dangote officially opened the ₦2.15 trillion public offering of shares in Dangote Petroleum Refinery and Petrochemicals FZE at the Nigerian Exchange (NGX) in Lagos.
The landmark gong-sounding ceremony brought together prominent figures from government, business, the capital market and traditional institutions, including Lagos State Governor Babajide Sanwo-Olu, NGX Group Chairman Umaru Kwairanga, NGX Group GMD/CEO Temi Popoola, NGX Chairman Ahonsi Unuigbe and NGX CEO Jude Chiemeka.
Also present were executives of Dangote Industries, the Ooni of Ife, Oba Adeyeye Ogunwusi, and Chairman of Coronation Group, Aigboje Aig-Imoukhuede, among other distinguished guests.
The public offer involves 4.1 billion ordinary shares priced at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026.
The offering is expected to raise approximately ₦2.15 trillion, making it one of the largest equity offerings in Africa. Dangote said the initiative is aimed at broadening public ownership and giving Nigerians and other eligible investors an opportunity to participate in the growth of the refinery.
The refinery, which currently has a capacity of about 700,000 barrels per day, plans to expand its capacity further as part of its long-term growth strategy.
The opening of the offer marks a significant step in bringing one of Nigeria’s largest industrial projects into wider public ownership and deepening participation in the country’s capital market.
Dangote Opens ₦2.15trn Refinery IPO at Nigerian Exchange