The share offer runs until 13 October, with a minimum subscription of 10 shares costing ₦5,250.
LAGOS — Dangote Petroleum Refinery and Petrochemicals FZE is offering shares to Nigerian and eligible African investors through an initial public offering targeting approximately ₦2.15 trillion.
The offer opened on 14 September 2026 and is scheduled to close on 13 October, subject to the prospectus terms. It comprises 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares valued at ₦5,250. Retail and institutional investors are eligible to participate.
Aliko Dangote, president and chief executive of Dangote Industries, marked the opening by sounding the gong at the Nigerian Exchange in Lagos. NGX described the transaction as the first petroleum refinery share offer in the exchange’s 66-year history.
The subscription period precedes the proposed listing. Investors applying during the offer are seeking an allotment of shares; the launch ceremony does not establish that those shares have already begun trading on the exchange.
The company intends to use the capital raised to support expansion of its refining and petrochemicals operations. BusinessDay, citing the prospectus, reported expected net proceeds of approximately ₦2.11 trillion after offer expenses, to be applied towards growth capital expenditure. The proceeds would fund part of the expansion programme.
The transaction would broaden public ownership of a major Nigerian industrial business while providing it with additional long-term capital. Its eventual ownership structure will depend on subscriptions, allotments and completion of the listing process.
Nigeria’s Securities and Exchange Commission confirmed its approval for the offer and advised applicants to use authorised subscription channels and read the approved prospectus. It also warned against unsolicited approaches promising guaranteed allotments or preferential allocations.
For the capital market, the next milestones are the offer’s closing, publication of its outcome and confirmation of admission to trading. Until those steps are completed, the transaction should be described as an open IPO, rather than a completed public listing.
