N2.15tn IPO: Dangote Refinery Targets 10 Million Nigerian Investors

The Dangote Petroleum Refinery and Petrochemicals (DPRP) has announced plans to raise approximately ₦2.15 trillion ($1.6 billion) through an Initial Public Offering (IPO), with the company targeting participation from as many as 10 million Nigerian investors.

The landmark public offer, scheduled to open on September 14, 2026, is expected to rank among the largest equity offerings in the history of Nigeria’s capital market.

The company said the subscription process would be technology-driven and integrated with Nigeria’s Bank Verification Number (BVN) system to enable investors across the country to participate securely and seamlessly.

The transaction also includes an overallotment option of up to 30 per cent of the offer size, while the company’s shares are expected to be listed on the Main Board of Nigerian Exchange Limited (NGX) upon completion of the offer and receipt of all necessary regulatory approvals.

The initiative is designed to expand retail participation in the capital market and give Nigerians an opportunity to acquire ownership stakes in one of Africa’s largest and most strategically significant industrial assets.

Speaking at the IPO signing ceremony, the Chairman of DPRP and Founder and President of Dangote Industries Limited, Aliko Dangote, described the offering as a major milestone in the development of the refinery and Nigeria’s energy sector.

Dangote said the refinery was conceived to transform Nigeria’s energy landscape while contributing to Africa’s energy security.

“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,” he said.

According to him, the IPO would provide a broader community of investors with an opportunity to participate directly in the refinery’s future growth.

He said the project represented a major African industrial achievement, adding that the refinery had significance beyond Nigeria because of its potential contribution to the continent’s energy and economic development.

Dangote further said the public offer was consistent with the company’s objective of promoting broader ownership and inclusive economic participation.

He added that the BVN-integrated subscription platform and digital application channels would simplify the process for both first-time investors and existing participants in the capital market.

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

He explained that integrating BVN verification into the subscription process would help make participation more accessible to millions of Nigerians while maintaining a secure and transparent system.

The IPO is expected to further deepen Nigeria’s capital market by increasing retail investor participation and expanding access to equity ownership.

If successfully completed, the listing would also mark a significant development in the evolution of the Dangote Refinery as a publicly owned company and further cement its position as a major player in Nigeria’s petroleum and energy sector.