Dangote refinery opens ₦2.15 trillion IPO at ₦525 a share
4.1 billion shares are on offer until 13 October, with a minimum subscription of ₦5,250.
Key points
- Dangote Petroleum Refinery & Petrochemicals opened its IPO on the Nigerian Exchange on 14 September 2026, offering 4.1 billion shares at ₦525 each to raise about ₦2.15 trillion.
- The minimum subscription is 10 shares (₦5,250) and the offer closes on 13 October 2026.
- NGX says it is the first refinery offered on the exchange in its 66-year history, with an expected market capitalisation of about ₦65.22 trillion.
Dangote Petroleum Refinery & Petrochemicals opened its initial public offering on the Nigerian Exchange (NGX) on 14 September 2026, offering 4.1 billion ordinary shares at ₦525 each in a bid to raise about ₦2.15 trillion.
Aliko Dangote sounded the gong at the exchange in Lagos to open the offer. According to NGX, it is the first time a petroleum refinery has been offered to investors on the exchange in its 66-year history.
What investors need to know
The minimum subscription is 10 shares, or ₦5,250. The offer is open to retail and institutional investors and closes on 13 October 2026, subject to the terms in the prospectus. NGX puts the refinery's expected market capitalisation at about ₦65.22 trillion.
Dangote described the offer as a "People's IPO", arguing that the low entry point would let ordinary Nigerians share in the ownership of one of the country's biggest industrial assets. He also said the group intends to list its other operating businesses over time.
Why the deal matters
The refinery, at Lekki near Lagos, was built as one of Africa's most ambitious private industrial investments. Its chief executive, David Bird, said at the launch that it had become the largest single supplier of refined petroleum products into Europe.
NGX Group chairman Umaru Kwairanga called the offer a defining moment for African capital markets, while Lagos State Governor Babajide Sanwo-Olu said it opened an investment opportunity to everyone from small traders to large institutions.
The offer comes as the Nigerian market has been rising. NGX market capitalisation hit a record of more than ₦163 trillion on 23 September, a day after the Central Bank of Nigeria cut its benchmark rate to 23%.
What happens next
Subscriptions close on 13 October. After that, the shares must be allotted and admitted to trading before investors can buy and sell them on the exchange.
For background on why Dangote is taking the refinery public, read our earlier analysis: Dangote is taking his refinery to the stock market. The group is also planning a second mega-refinery, in Lamu, Kenya.
Sources
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