By Ogbeni Charles| PressPoint News


LAGOS — Nigeria’s much-anticipated Dangote Petroleum Refinery initial public offering (IPO) is set to open on September 14, 2026, following regulatory approval for a share sale that could become Africa’s largest-ever public offering.


The development comes days after billionaire businessman and President of Dangote Industries Limited, Aliko Dangote, announced that the refinery’s IPO would open within 10 to 12 days and disclosed an ambitious target of raising about $5 billion.

However, fresh details emerging on Friday indicate that Nigeria’s Securities and Exchange Commission (SEC) has approved an offering of 4.1 billion shares at N525 per share, with the transaction potentially raising about N2.15 trillion, or approximately $1.63 billion at current exchange rates.


The approved offer represents a significant development in the planned public listing of the refinery, which has attracted substantial interest from domestic and international investors.

Dangote had earlier said the IPO was intended to support the next phase of the refinery’s expansion, with plans to more than double its processing capacity from its current designed capacity of 650,000 barrels per day to 1.4 million barrels per day.


The refinery, located in the Lekki Free Zone in Lagos, reached its designed capacity of 650,000 barrels per day in February and has subsequently recorded test production of up to about 700,000 barrels per day.

Built at an estimated cost of $20 billion, the facility has emerged as a major player in Nigeria’s petroleum industry, supplying refined products to the domestic market while expanding exports to international markets.

The IPO follows a $2.5 billion private placement completed earlier in the year, which strengthened the refinery’s financial position ahead of its planned expansion and public offering. The private placement reportedly attracted strong investor demand.


The latest SEC-approved structure values the refinery at approximately $47 billion, based on its existing share capital and the approved offer price. The offering also includes a 15 per cent greenshoe option, which could allow additional shares to be sold if investor demand is strong.

The difference between the previously announced $5 billion target and the currently approved $1.63 billion offer reflects the distinction between the broader fundraising ambition and the specific share offer approved by the regulator.


The planned listing is being closely watched by investors and market analysts because of its potential impact on Nigeria’s capital market and the wider African energy sector.

Beyond the IPO, Dangote has outlined plans to transform the refinery into a significantly larger refining complex capable of processing up to 1.4 million barrels of crude daily. The expansion is expected to strengthen the company’s position in the African petroleum products market and increase its capacity to export refined products.


With the order book expected to open on September 14, investor attention is now likely to shift towards the final offer terms, subscription process and the level of demand generated by the landmark transaction.

If successfully completed, the offering would represent a major milestone for Nigeria’s capital market and further cement the Dangote Refinery’s position as one of the continent’s most significant industrial investments.



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