Africa’s largest refinery is set to become one of the continent’s most widely owned industrial assets as Dangote Petroleum Refinery and Petrochemicals Limited launches a landmark Initial Public Offering (IPO) expected to raise about N2.2 trillion.
The public offer, unveiled in Lagos by President and Chief Executive of Dangote Group, Aliko Dangote, marks one of the biggest capital market transactions in African history and is designed to broaden ownership of the refinery among ordinary Nigerians and investors across the continent.
Under the offer, 4.1 billion ordinary shares will be made available at N525 per share, with a minimum subscription of 10 shares valued at N5,250, making participation accessible to small retail investors. The IPO is expected to open on September 14 and could attract up to 10 million shareholders.
Speaking at the signing ceremony, Dangote described the offering as more than a fundraising exercise, saying it represents an opportunity to democratise wealth creation and give millions of Africans direct ownership in a world-class industrial enterprise.
The refinery, located in the Lekki Free Zone, currently processes about 700,000 barrels of crude oil daily and has become a major supplier of petroleum products within Nigeria and beyond. Plans are underway to double production capacity to 1.4 million barrels per day by 2029, with proceeds from the IPO expected to support the expansion programme.
The Securities and Exchange Commission recently approved the offering, clearing the way for what analysts believe could significantly reshape Nigeria’s capital market. Market experts estimate the eventual listing could substantially increase the Nigerian Exchange’s total market capitalisation and attract a new generation of retail investors.
Industry observers say the listing represents a major milestone in Africa’s industrial development, transforming millions of fuel consumers into potential shareholders of one of the continent’s most ambitious infrastructure projects.
