The Dangote Petroleum Refinery and Petrochemicals has officially opened its initial public offering on the Nigerian Exchange, offering 4.1 billion ordinary shares at N525 per share.
The offer, which opened on Monday, is expected to raise about N2.15tn if fully subscribed, with the proceeds earmarked for the expansion of the refinery’s operations.
According to the terms of the offer, the IPO will close on October 13, 2026, while the minimum subscription is 10 shares at N5,250.
The offer is open to retail and institutional investors as well as eligible African investors, providing members of the public an opportunity to acquire an ownership stake in the refinery.
President of Dangote Industries Limited, Aliko Dangote, formally opened the offer at the NGX in Lagos on Monday by sounding the exchange’s gong.
Describing the offer as the “People’s IPO,” Dangote said the initiative was designed to give Nigerians an opportunity to participate in the ownership of the refinery and share in its prosperity.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started. It’s not only about the refinery,” he said.
Dangote also disclosed that the group was targeting a market capitalisation of at least $350bn by 2030, based on a 10-times price-to-earnings ratio.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350bn,” he stated.
The industrialist said the Dangote Group had secured more funding than required to execute its planned projects, with about $46bn allocated for expansion across the group as part of its 2030 vision.
“The Dangote Group has raised more than we need to execute all our projects. We have about $46bn allocated for group-wide expansion to achieve our 2030 vision, and we remain on track,” Dangote said.
He further disclosed that the refinery would pursue an international listing outside Africa within the next three to four years.
According to him, the Nigerian capital market would serve as the group’s base as it expands its listing activities to other international markets.
“From this exchange, then we can go to any other place,” he said.
The IPO marks a major step in Dangote’s plans to broaden public participation in the ownership of the refinery while using the Nigerian capital market to support its long-term expansion strategy.
