President of Dangote Industries Limited, Aliko Dangote, on Monday sounded the gong at the Nigerian Exchange to formally open the N2.15tn Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.
The ceremony, held on the trading floor of the NGX in Lagos, marked a major milestone for Nigeria’s capital market as Dangote Refinery became the first refinery to be offered to investors on the Nigerian stock market in the Exchange’s 66-year history.
The IPO comprises 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
The N2.15tn offer value represents the total value of the 4.1 billion shares being offered at N525 per share if fully subscribed. The offer is open to retail, institutional and eligible African investors, giving members of the public and other eligible investors an opportunity to acquire an interest in the refinery.
Speaking after sounding the gong, Dangote described the offer as a means of widening public participation in the ownership of the company, stressing that the refinery IPO was only the beginning of a broader plan to bring more companies within the Dangote Group to the capital market.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.
“It’s not only about the refinery.”
By describing the offer as a “People’s IPO”, Dangote was emphasising the broader participation that the listing is intended to create, allowing investors beyond the company’s existing ownership structure to take an interest in one of Africa’s largest industrial projects.
Dangote said his relationship with the Nigerian Exchange had also involved efforts to transform and democratise the capital market, recalling how the exchange’s leadership pushed him to embrace wider public ownership.
“Mr Chairman, CEO and other managers of the Stock Exchange, the Stock Exchange is something that I have actually been fully involved with the transformation,” he said.
He said the public offering should not be viewed as an isolated transaction, disclosing that the Dangote Group intended to list all its companies that would operate in the future.
