Dangote Refinery Launches N2.15tn IPO on NGX

The Dangote Petroleum Refinery and Petrochemicals has formally commenced its N2.15 trillion Initial Public Offering (IPO) on the Nigerian Exchange (NGX).

President of Dangote Industries Limited, Aliko Dangote, officially opened the offer on Monday by sounding the closing gong at the NGX trading floor in Lagos.

The development marks the first time a refinery is being offered for public subscription on the Nigerian stock market in the 66-year history of the Nigerian Exchange.

The IPO, which opened on Monday, September 14, 2026, comprises 4.1 billion new ordinary shares priced at N525 per share.

Retail investors can subscribe to a minimum of 10 shares, valued at N5,250, while the offer is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the prospectus.

Speaking at the ceremony, Dangote said the public offering was part of efforts to broaden participation in the ownership of companies under the Dangote Group.

“We will lease every company that we operate,” he said.

The offer is open to retail and institutional investors, as well as eligible investors across Africa, giving them an opportunity to acquire a stake in the Dangote Refinery, described as Africa’s largest refinery.

Lagos State Governor, Babajide Sanwo-Olu, was among the dignitaries who attended the ceremony, alongside members of the Dangote family, including two of Dangote’s daughters.