JUST IN: Dangote refinery opens N2.15tn IPO on NGX

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President of Dangote Industries Limited, Aliko Dangote, on Monday sounded the gong at the Nigerian Exchange to formally launch the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.

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The ceremony, held on the trading floor of the NGX in Lagos, marked the first time a refinery has been offered on the Nigerian stock market in the Exchange’s 66-year history.

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The IPO, which opened on Monday, September 14, 2026, offers 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

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The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

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Speaking at the ceremony, Dangote said the IPO was part of efforts to broaden participation in the ownership of his companies.

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“We will lease every company that we operate,” he said.

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The offer gives retail, institutional and eligible African investors an opportunity to acquire a stake in Dangote Refinery, which is Africa’s largest refinery.

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Lagos State Governor, Babajide Sanwo-Olu, was among dignitaries present at the ceremony, alongside members of the Dangote family, including two of Dangote’s daughters.

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Dangote’s sounding of the NGX gong marked the commencement of the offer, with investors now able to begin purchasing shares in the refinery.

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The IPO is expected to broaden public participation in the ownership of the refinery and deepen activity in Nigeria’s capital market.

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The offer consists of 4.1 billion new ordinary shares and, at N525 per share, could raise about N2.15tn if fully subscribed. Details later…

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