Dangote Petroleum Refinery is set to take a major step into Nigeria’s capital market as the company plans an Initial Public Offering (IPO) priced at ₦525 per share, with the share sale targeting approximately $1.5 billion in fresh capital.
According to reports, the proposed offering will involve about 4.1 billion shares. At the ₦525 price, the shares could generate roughly ₦2.15 trillion if fully subscribed. The offer is expected to rank among the biggest public share sales in Africa.
The refinery is reportedly expected to open its order book on September 14, giving retail and institutional investors an opportunity to participate in the landmark transaction.
The planned IPO also comes with a 15% greenshoe option. This provision could allow additional shares to be sold if demand exceeds the initial offer, potentially increasing the amount of money raised.
The funds raised are expected to support Dangote Group’s ambitious plan to expand the refinery’s processing capacity from its current 650,000 barrels per day to approximately 1.4 million barrels per day.
For prospective investors, the proposed ₦525 price means that the amount required to purchase different share quantities would be:
100 shares — ₦52,500
1,000 shares — ₦525,000
10,000 shares — ₦5,250,000
100,000 shares — ₦52,500,000
The proposed share price has generated significant interest because the IPO could provide Nigerian retail investors with direct access to one of Africa’s largest refining projects.
The Dangote Refinery, located near Lagos, has a nameplate capacity of 650,000 barrels per day and has become an increasingly important player in Nigeria’s petroleum industry. Its planned expansion is expected to further increase domestic refining capacity and strengthen its position in regional and international fuel markets.
Aliko Dangote previously indicated that the IPO would open within days, while reports have placed the expected opening of the order book on September 14.
As the offer date approaches, investor attention is likely to focus on the final terms, subscription process, allocation rules and the eventual listing of the refinery’s shares on the Nigerian Exchange.
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The proposed Dangote Refinery IPO therefore represents a significant development for Nigeria’s capital market and could become one of the country’s most closely watched investment opportunities in 2026.
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