Dangote Petroleum Refinery is preparing a landmark initial public offering valued at around ₦2.15 trillion, with the company targeting up to 10 million retail investors.
The transaction involves 4.1 billion ordinary shares offered at ₦525 per share. The initial offer is valued at approximately ₦2.15 trillion, equivalent to nearly $1.6 billion. Subscription is scheduled to open on September 14, 2026 and close on October 13, with the shares expected to be listed on the Nigerian Exchange. The minimum subscription has been set at 10 shares, equivalent to ₦5,250, in an effort to encourage participation by retail investors.
Refinery Capacity Could Double
The 700,000-barrel-per-day refinery is valued at approximately $49 billion. Dangote plans to use proceeds from the offering and other financing sources to gradually increase capacity to 1.4 million barrels per day by 2028. The group is also preparing an expansion strategy covering countries including Ethiopia, Kenya, Tanzania and Namibia.
Its proposed Lamu refinery project in Kenya represents an estimated $16 billion investment, with a planned capacity of 700,000 barrels per day. The IPO therefore places Nigeria’s capital market at the centre of the group’s next phase of industrial expansion.
