Dangote Refinery Signs ₦2.15tn IPO, Targets 10 Million Investors

Dangote Petroleum Refinery has taken a historic step towards becoming a publicly listed company after formally signing the documents for its ₦2.15 trillion Initial Public Offering (IPO), a share sale expected to become the largest in African capital market history.

The signing ceremony in Lagos marks the official launch of the refinery’s public ownership plan, with the offer scheduled to open on September 14. The company says it is targeting participation from up to 10 million investors, positioning the IPO as one of the most ambitious retail investment programmes ever undertaken in Nigeria.

Speaking at the event, billionaire industrialist Aliko Dangote described the offering as a move to democratize ownership of one of Africa’s most strategic industrial assets. He said the refinery was built to transform Nigeria’s energy sector, and that ordinary Nigerians should have the opportunity to share in its long-term growth through equity ownership.

Under the proposed offer, the company will issue approximately 4.1 billion ordinary shares at ₦525 per share, valuing the refinery at about US$49 billion. The IPO also includes an overallotment option that could increase the number of shares available if investor demand exceeds expectations, subject to regulatory approvals.

To widen access, Dangote Refinery says subscriptions will be integrated with Nigeria’s Bank Verification Number (BVN) system, allowing first-time and existing investors to participate through a secure digital process. The company has also emphasized that the offer is designed to encourage broad retail participation rather than being dominated by institutional buyers.

The refinery, located in the Lekki Free Trade Zone, began operations in 2024 and has since reached its full refining capacity of around 650,000 barrels per day, significantly reducing Nigeria’s dependence on imported petroleum products while expanding exports across Africa. The proceeds from the IPO are expected to support plans to double capacity to 1.4 million barrels per day and finance additional energy infrastructure projects.

Market analysts say the listing could reshape Nigeria’s investment landscape by drawing millions of new retail investors into the stock market and increasing liquidity on the Nigerian Exchange. It also represents one of the clearest signals yet that large-scale industrial companies are willing to use public markets to fund expansion rather than relying solely on debt or private capital.

If successfully completed, the Dangote Refinery IPO will be more than a record-breaking share sale. It could redefine public participation in Africa’s industrial economy, giving millions of Nigerians the chance to own a stake in a company already reshaping the continent’s energy future.