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🇳🇬 Nigeria /Economy & Trade

SEC Approves Dangote Refinery IPO at N525 Per Share

From ThisDay · () English

Summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement Approved/passed
  • Nigeria’s Securities and Exchange Commission approved Dangote Petroleum Refinery and Petrochemicals FZE’s IPO of 4.1 billion shares at N525 each.
  • The offering could raise about N2.15 trillion if fully subscribed, while the SEC also registered the company’s existing 120.13 billion shares.
  • The approval allows Dangote Refinery to proceed with the next stages of its offering as it expands its 700,000-barrel-per-day facility.

Nigeria’s Securities and Exchange Commission has approved Dangote Petroleum Refinery and Petrochemicals FZE’s initial public offering, setting the share price at N525. The company plans to offer 4.1 billion ordinary shares, potentially raising about N2.15 trillion if investors fully subscribe.

The SEC also registered Dangote Refinery’s existing 120.13 billion ordinary shares. Its approval clears the draft offer documents and authorises the company to proceed with a Completion Board Meeting and Signing Ceremony, marking a major step toward becoming publicly traded.

The approval came in a letter to the lead issuing house, Vetiva Advisory Services Limited. Abdulkadir Abbas, director of the SEC’s Securities and Investment Services Department, signed the letter.

The refinery is supported by extensive world-class infrastructure, including a self-sufficient marine facility designed to optimise logistics and freight efficiency.

· Dangote GroupThe group described the refinery’s infrastructure in material supporting the IPO.

Located in Ibeju-Lekki, Lagos, the refinery currently has capacity to process 700,000 barrels of crude per day. An expansion under way is expected to double that capacity to 1.4 million barrels per day. The Dangote Group said the facility includes a self-sufficient marine operation, five Single Point Moorings, processing technology that meets international and Nigerian standards, and port infrastructure for Panamax vessels, liquid cargo and roll-on/roll-off operations. Its storage network includes 177 tanks with combined capacity of 4.742 billion litres.

Dangote has described the IPO as an effort to broaden investment in the refinery and potentially one of Nigeria’s largest capital-market transactions. Separately, the Aliko Dangote Foundation signed an agreement with the Kano State Government to take over management of the Aliko Dangote Skills Acquisition Centre in the state.

Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments, and roll-on/roll-off operations, while its storage network comprises 177 tanks with a combined capacity of 4.742 billion litres.

· Dangote GroupThe statement outlined the facility’s port and storage capacity.
About this summary

Originally published by ThisDay. 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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