By Stephen Simon
The Dangote Petroleum Refinery and Petrochemicals has opened its much-anticipated initial public offering (IPO), offering Nigerians and other investors an opportunity to acquire shares in one of Africa’s biggest industrial projects.
The offer, which opened on Monday, comprises 4.1 billion ordinary shares priced at ₦525 each and is expected to raise about ₦2.15 trillion if fully subscribed. The transaction has been described as Africa’s largest initial public offering to date.
The IPO is aimed largely at retail investors, with the company making the shares available through digital investment platforms to encourage wider participation. The offer will remain open until October 13, 2026, while the shares are expected to begin trading on the Nigerian Exchange later in the year.
The proceeds are expected to support the refinery’s expansion programme, which seeks to increase its current processing capacity of about 700,000 barrels of crude oil per day to 1.4 million barrels per day. The expansion is expected to strengthen the refinery’s position as a major supplier of refined petroleum products in Nigeria and across Africa.
The refinery, located in the Lekki area of Lagos, was built at a cost of about $20 billion and began operations in 2024. It has since emerged as a major source of locally refined petroleum products, helping to reduce Nigeria’s dependence on imported fuel.
The company’s latest financial performance has also strengthened investor interest, with the refinery reportedly recording a net profit of $1.82 billion in the first half of 2026 on revenue exceeding $13 billion.
With the IPO, the Dangote Group is opening part of the refinery’s ownership to the investing public while retaining majority control. The development marks a significant shift for one of Nigeria’s most ambitious private-sector investments and could further deepen participation in the country’s capital market.
