People’s IPO Opens with $49 Billion Share Capital

Dangote Petroleum Refinery and Petrochemicals has signed the registration documents for what it describes as Africa’s largest initial public offering, valued at approximately 2.2 trillion naira, or $1.6 billion.

The company is presenting the offer as an IPO for ordinary Nigerians. It aims to reach as many as 10 million investors, including low-income earners, through a subscription process integrated with Nigeria’s Bank Verification Number system. The offering is designed to broaden ownership of the refinery across Africa.

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Today’s signing ceremony marks another defining milestone in the evolution of DPRP. We set out to build a world-class refinery capable of transforming Nigeria’s energy landscape and strengthening Africa’s energy security.

The IPO will comprise 4.1 billion ordinary shares priced at 525 naira each. An overallotment option of up to 30 per cent is available to accommodate strong demand. The offer is scheduled to open on Sept. 14 and close on Oct. 13. Dangote Petroleum Refinery and Petrochemicals is expected to list on the Nigerian Exchange’s Main Board after receiving regulatory approvals.

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Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation.

Aliko Dangote, president and chief executive of Dangote Industries Limited, led the company team at the signing ceremony in Lagos. He said the transaction represented a defining moment for the company and the continent, and that the refinery was built to transform Nigeria’s energy landscape and strengthen Africa’s energy security.

“Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation,” Dangote said. He also said drivers, cooks, traders, managers and “everybody” should have the opportunity to hold a stake in the refinery.

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What we are trying to do is to make sure the majority of all these, our drivers, our cooks, our servants, our managers, everybody, will have an opportunity to have a stake in this refinery.

Dangote said the BVN-integrated platform and digital application channels were central to the inclusion effort. He described the offering as intended not only to fund the refinery’s expansion, but also to give Nigerians a direct ownership interest in the company.

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This offer presents Nigerians with a unique opportunity to become co-owners of a world-class refinery that is transforming Africa’s energy landscape.