By TheDailyNewsHub
The long-awaited Initial Public Offering (IPO) of the Dangote Petroleum Refinery has moved closer to the Nigerian capital market, with the Securities and Exchange Commission (SEC) approving an offer of 4.1 billion ordinary shares at ₦525 per share.
The offer could raise approximately ₦2.15 trillion, or about $1.6 billion, if fully subscribed, making it one of the most significant share offerings in Africa.
The development follows an announcement by Aliko Dangote that the refinery’s IPO would open within 10 to 12 days. Reports indicate that the order book is expected to open on September 14, 2026.
4.1 billion shares on offer
According to details of the approved transaction, investors will be offered 4.1 billion shares at ₦525 each. The exact percentage of the refinery represented by the new offer has not been disclosed in the reports.
The offering will also feature a 15 per cent greenshoe option, which could allow additional shares to be sold if investor demand exceeds the initial offer.
The transaction is expected to provide fresh capital for Dangote Group’s plans to expand the refinery’s capacity.
Refinery targets 1.4 million barrels per day
Dangote has said the group intends to double the refinery’s capacity from its current 650,000 barrels per day to 1.4 million barrels per day.
The refinery, located near Lagos, reached its nameplate capacity of 650,000 barrels per day in February 2026 and has subsequently tested production at higher levels.
The planned expansion would further strengthen the facility’s position in Nigeria’s petroleum sector and potentially increase its role as a supplier of refined products to international markets.
Major moment for Nigeria’s stock market
The IPO is expected to attract significant attention from Nigerian and international investors and could become Africa’s largest-ever public share offering.
The development also comes after Dangote Refinery secured a $1 billion underwriting programme, comprising a funded private placement and additional underwriting support ahead of the public offering.
The scale of the transaction could provide a major boost to Nigeria’s capital market by bringing one of the country’s largest industrial assets closer to public ownership.
African investors show interest
The proposed offering has also generated interest beyond Nigeria, with stock exchanges and investors in other African countries exploring ways to give their investors access to the share sale.
The broader interest reflects the regional significance of the refinery, which has increasingly become an important source of refined petroleum products for Nigeria and international markets.
With the order book expected to open on September 14, attention will now turn to investor demand, the eventual level of subscription and how the landmark offering performs once trading begins.
TheDailyNewsHub will continue to provide updates on the Dangote Refinery IPO and developments in Nigeria’s capital market.