By Lizzy Chirkpi
Africa’s largest oil refinery on Monday made history as it entered Nigeria’s capital market, with billionaire industrialist Aliko Dangote sounding the gong at the Nigerian Exchange (NGX) to formally open the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
The ceremony, held at the NGX trading floor in Lagos, marked the first time a refinery has been offered for public subscription on the Nigerian stock market in the Exchange’s 66-year history.
The IPO comprises 4.1 billion new ordinary shares priced at N525 per share, with the offer targeting approximately N2.15 trillion if fully subscribed.
The offer opened on Monday, September 14, and will close on October 13, 2026. Investors can subscribe for a minimum of 10 shares at a cost of N5,250.
The share sale is also being positioned as Africa’s largest IPO to date, with proceeds expected to support the refinery’s expansion and strengthen its capacity to raise additional capital in the future.
Located in the Lekki Free Zone, the refinery commenced operations in 2024 after nearly a decade of construction and an investment estimated at about $20 billion.
The facility currently has a processing capacity of up to 700,000 barrels of crude oil per day and plans to increase this to about 1.4 million barrels per day by 2029.
Speaking ahead of the IPO opening, Dangote said the offer was not solely about raising funds for expansion but also about broadening ownership of the strategic industrial asset.
“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said at the signing ceremony for the offer documents last week.
He said the structure was designed to give ordinary Nigerians, including workers, traders and small-scale investors, the opportunity to acquire stakes 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,” he said.
The company is targeting up to 10 million retail investors, a move advisers said could significantly broaden participation in Nigeria’s capital market.
Since commencing operations, the refinery has emerged as a major player in Nigeria’s petroleum market, supplying a substantial share of the country’s petrol demand while producing diesel, aviation fuel and petrochemical products for domestic and international markets.
The refinery reportedly posted a net profit of $1.82 billion in the first half of 2026, reversing a loss recorded in the corresponding period of the previous year, as the facility reached full operating capacity.
The public offer therefore represents more than a capital-raising exercise for Dangote Group. It opens a new chapter in the ownership of one of Nigeria’s most significant private-sector industrial projects, giving retail investors an opportunity to participate directly in the refinery’s future growth.
With the IPO now open, attention will turn to investor demand and whether the offer can achieve its N2.15 trillion target, even as the company prepares for the planned expansion that could increase the refinery’s capacity to 1.4 million barrels per day by 2029.