Dangote Refinery launches major Nigerian IPO

Dangote Petroleum Refinery & Petrochemicals FZE has opened a large initial public offering, marking one of the biggest equity sales on the Nigerian market in recent years. The offer, which began on September 14, 2026, comprises 4.1 billion new ordinary shares priced at ₦525 each. Based on this price and the exchange rate used in the prospectus, the transaction targets approximately ₦2.15 trillion in proceeds, equivalent to about $1.6 billion. The subscription window is scheduled to run until October 13, 2026.

At the ₦525 offer price, the IPO implies a post-offer equity value for Dangote Refinery of roughly ₦65.2 trillion. This valuation places the company among the largest listed industrial groups in Africa by market capitalisation if the timetable and listing proceed as outlined. The sale is therefore seen as a significant test of investor appetite for a sizeable, integrated refining business in Nigeria.

The company has framed the transaction as an “IPO for the people,” with a structure aimed at attracting broad participation from individual investors. The minimum subscription size is set at 10 shares, which is intended to lower barriers to entry for smaller retail buyers. In addition, the offer includes bonus-share incentives for retail investors who hold their shares over specified periods of one and two years.

These features are designed to encourage long-term ownership and stability in the shareholder base once the refinery is listed. By emphasising retail access and holding-period rewards, the company is seeking to mobilise domestic capital and deepen participation in the Nigerian equity market.

Financial figures disclosed in the IPO prospectus highlight strong recent operating performance. For the first half of 2026, Dangote Refinery reported revenue of $13.91 billion. Over the same period, profit after tax reached $1.82 billion. These results have been cited as key support for the valuation implied by the ₦525 offer price.

The scale of revenue and profitability over just six months provides potential investors with quantitative benchmarks as they assess the offer. The numbers also help position the refinery as a major player in the regional downstream oil and gas sector at the time of listing.

Part of the funds raised through the IPO are earmarked for a substantial expansion programme. Dangote Refinery plans to invest $14.3 billion to double its processing capacity to 1.4 million barrels per day by 2029. The use of proceeds for capacity growth signals a continued build-out of the company’s industrial footprint.

The shares are expected to list first on the Nigerian Exchange, with indicative timetables around the offering pointing to the start of trading in late November 2026. This prospective listing date will mark the transition from the offer period to secondary-market trading, where the market will set the ongoing valuation for the refinery.