Dangote Petroleum Refinery and Petrochemicals is set to formally sign the documents for its Initial Public Offering in Lagos today, marking a major milestone in what is expected to become Africa’s largest ever share sale. The signing ceremony is scheduled for the Eko Hotel and Suites and will bring together Dangote Group executives, financial advisers and other stakeholders involved in the transaction. The IPO follows approval from Nigeria’s Securities and Exchange Commission and represents the refinery’s first public offering since its inauguration in 2023, according to ChannelsTv and Arise News reports.
The approved offer comprises 4.1 billion ordinary shares priced at ₦525 each, giving the transaction potential proceeds of approximately ₦2.15 trillion, or about $1.6 billion, if fully subscribed. The order book is expected to open on September 14, positioning the transaction as one of the most significant developments in Nigeria’s capital market and creating an opportunity for investors to take an ownership stake in one of Africa’s most strategically important energy assets.
Located in Lagos’s Lekki Free Zone, the Dangote Refinery has a production capacity of 650,000 barrels per day and was developed at an investment of about $20 billion. The company has also outlined plans to expand capacity to 1.4 million barrels per day, with proceeds from the broader capital raising strategy expected to support expansion and strengthen its position across African and international fuel markets.
For Nigeria’s capital market, the IPO could represent a major test of domestic investor appetite for large scale industrial assets while giving the Dangote Group access to additional capital for expansion. The transaction also places the refinery at the centre of a broader shift in Nigeria’s energy landscape, as the country seeks to increase domestic refining capacity, reduce dependence on imported petroleum products and establish itself as a major refined fuel supplier to African markets.
