Dangote Refinery IPO Goes Live On NGX, Targets 10m Investors

The Initial Public Offering (IPO) of Dangote Refinery officially commenced on the Nigerian Exchange Limited (NGX) on Monday, September 14, 2026.

The listing marks a major milestone for Nigeria’s capital market, as the 700,000-barrel-per-day Dangote Refinery becomes the first refinery to be offered on the Nigerian stock market in the 66-year history of the Exchange.

President of Dangote Group, Aliko Dangote, sounded the closing gong at the NGX to mark the commencement of the IPO.

Speaking at the event, Dangote said the refinery has become the largest supplier of jet fuel to Europe.

He said European countries should appreciate Nigeria, under the leadership of President Bola Ahmed Tinubu, for contributing to the continued operation of airlines across the continent.

“Dangote Refinery is the largest supplier of jet fuel to Europe. Europe must really thank Nigeria under the leadership of President Tinubu for keeping their planes flying, I’m very serious. Right from August, September, we sold out in terms of jet fuel, we have nothing to sell anymore, we only reserve that for Nigeria.”

LEADERSHIP reports that the Dangote Refinery IPO is valued at N2.15 trillion, equivalent to approximately $1.6 billion.

The offer comprises 4.1 billion ordinary shares, each with a nominal value of $0.000013, at an offer price of N525 per share.

The IPO is targeting about 10 million Nigerian investors, providing members of the public with an opportunity to acquire an equity stake in Africa’s largest single-train refinery.

The commencement of the offer is expected to deepen participation in Nigeria’s capital market while giving retail and institutional investors an opportunity to invest in the downstream petroleum sector.