Dangote Refinery Launches Landmark N2.2 Trillion IPO Targeting 10 Million Shareholders

Dangote Petroleum Refinery and Petrochemicals has opened what its backers describe as a landmark public offering, inviting millions of Nigerians to become shareholders in Africa’s largest single-train refinery.

The company formally began the IPO process in Lagos on Monday by signing for an offer of 4.1 billion ordinary shares. The sale aims to raise approximately 2.2 trillion naira and could bring up to 10 million subscribers into the ownership of the refinery.

Aliko Dangote, president and chief executive of Dangote Group, said the offer was designed to reach ordinary Nigerians as well as institutional investors. The minimum subscription is 10 shares, requiring an entry investment of 5,250 naira. Dangote said drivers, cleaners and domestic workers should have the opportunity to own part of the refinery.

“This IPO is not only about raising capital; it is about democratizing wealth creation, broadening participation in Africa’s industrial future and giving millions of investors the opportunity to own a stake in a world-class enterprise, it’s a legacy we are laying down, nobody will live forever,” Dangote said.

Chuka Eseka, group managing director of Vetiva Advisory Services, the lead issuing house and transaction coordinator, said the launch followed recent approval from Nigeria’s Securities and Exchange Commission. The shares are being offered at 525 naira each. The transaction values the refinery and petrochemicals business at close to $50 billion and is expected to fund an expansion of capacity from 700,000 barrels per day to 1.4 million barrels per day.

“

This IPO is not only about raising capital; it is about democratizing wealth creation, broadening participation in Africa’s industrial future and giving millions of investors the opportunity to own a stake in a world-class enterprise, it’s a legacy we are laying down, nobody will live forever.