JUST IN: Dangote refinery opens N2.15tn IPO on NGX

File photo: Aliko Dangote

President of Dangote Industries Limited, Aliko Dangote, on Monday sounded the gong at the Nigerian Exchange to formally launch the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.

The ceremony, held on the trading floor of the NGX in Lagos, marked the first time a refinery has been offered on the Nigerian stock market in the Exchange’s 66-year history.

The IPO, which opened on Monday, September 14, 2026, offers 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

Speaking at the ceremony, Dangote said the IPO was part of efforts to broaden participation in the ownership of his companies.

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

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The offer gives retail, institutional and eligible African investors an opportunity to acquire a stake in Dangote Refinery, which is Africa’s largest refinery.

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

Dangote’s sounding of the NGX gong marked the commencement of the offer, with investors now able to begin purchasing shares in the refinery.

The IPO is expected to broaden public participation in the ownership of the refinery and deepen activity in Nigeria’s capital market.

The offer consists of 4.1 billion new ordinary shares and, at N525 per share, could raise about N2.15tn if fully subscribed.