By Elvira Jordan
The Dangote Petroleum Refinery and Petrochemicals, FZE, is set to open its highly anticipated initial public offering (IPO) on September 14, 2026, offering investors shares at ₦525 each and allowing eligible investors to subscribe with a minimum of 10 shares for ₦5,250.
The company is offering 4.1 billion ordinary shares in what is expected to be one of the largest public share offerings in Africa, with the offer targeting about ₦2.15 trillion in proceeds if fully subscribed. Reports say the subscription period is scheduled to run from September 14 to October 13, 2026.
The IPO follows approval of the offer by the Securities and Exchange Commission (SEC) and the formal signing of the offer documents in Lagos on Monday.
At the signing ceremony, Dangote Group President Aliko Dangote said the offering was designed to give Nigerians and other eligible investors an opportunity to own a stake in the refinery.
The refinery, which commenced operations in 2024, currently has a processing capacity of about 700,000 barrels per day. The company has announced plans to invest about $14.3 billion to expand the facility’s capacity to 1.4 million barrels per day by 2029.
Investors warned against IPO scams
The refinery has warned prospective investors to be cautious of fraudulent offers and unauthorised platforms claiming to process Dangote Refinery share applications.
Investors are advised not to share their PINs, passwords or one-time passwords (OTPs) with anyone. The company also says it will not ask investors to provide such confidential information.
The Securities and Exchange Commission had earlier warned the public against premature marketing and solicitation for Dangote Refinery shares before the offer received regulatory approval. The regulator specifically cautioned investors against transferring money to operators offering purported pre-IPO placements or guaranteed allocations.
The refinery’s official IPO website also advises investors to read the prospectus carefully and consult their issuing house, stockbroker or financial adviser where necessary before subscribing. It stresses that investing in shares carries risk and that the value of an investment can rise or fall.
The proposed share sale is expected to provide the refinery with capital for its expansion plans, including the proposed increase in processing capacity to 1.4 million barrels per day.
Key IPO details
- Offer: Dangote Petroleum Refinery and Petrochemicals FZE
- Offer price: ₦525 per share
- Minimum subscription: 10 shares
- Minimum amount: ₦5,250
- Shares offered: 4.1 billion ordinary shares
- Target proceeds: About ₦2.15 trillion
- Subscription opening: September 14, 2026
- Reported closing date: October 13, 2026
- Application: Through approved subscription channels
- Official IPO information: Dangote Refinery IPO official website
