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🇳🇬 Nigeria /Economy & Trade

Dangote refinery prepares for stock-market debut at N525 per share

From The Punch · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement Approved/passed
  • The SEC approved Dangote Petroleum Refinery and Petrochemicals FZE’s IPO, comprising 4.1 billion shares priced at N525 each.
  • The offering could raise about N2.15 trillion if fully subscribed, while the SEC has also registered the company’s existing 120.13 billion shares.
  • The Lagos complex currently has a refining capacity of 700,000 barrels per day and is undergoing an expansion designed to reach 1.4 million barrels per day.

Dangote Petroleum Refinery is moving toward a stock-market debut after Nigeria’s Securities and Exchange Commission approved its proposed initial public offering at N525 per share.

The offering comprises 4.1 billion ordinary shares and could raise approximately N2.15 trillion if fully subscribed. The SEC also registered the company’s existing 120.13 billion ordinary shares. Dangote Group said the approval cleared the draft offer documents and authorised the refinery to proceed with its completion board meeting and signing ceremony.

The group described the clearance as a major step in the refinery’s development and said it would give investors an opportunity to participate in ownership of one of Africa’s strategic industrial assets. It also said the IPO would further strengthen Nigeria’s capital market.

The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its completion board meeting and signing ceremony, marking a significant milestone in the IPO process.

· Dangote GroupThe group described the SEC approval and the next steps in the IPO process.

Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex covers about 2,635 hectares. It includes an integrated refinery and petrochemicals facility, a 900,000-tonnes-per-year polypropylene plant and a dedicated 435-megawatt power plant. The refinery currently has capacity for 700,000 barrels per day.

The facility is designed to meet Nigeria’s domestic demand for refined petroleum products while producing volumes for export. An expansion is expected to increase capacity to 1.4 million barrels per day, which would make it the world’s largest refinery. The complex also includes a marine facility, five Single Point Moorings and port infrastructure for Panamax vessels, liquid cargo and roll-on/roll-off operations.

The SEC’s clearance represents another major step in the evolution of Dangote Petroleum Refinery, opening investment opportunities in one of Africa’s most strategic industrial assets and further strengthening Nigeria’s capital market.

· Dangote GroupThe group outlined the investment and capital-market significance of the approval.
About this summary

Originally published by The Punch in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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