N2.2trn IPO: Dangote Refinery Targets 10m Subscribers

The Dangote Petroleum Refinery and Petrochemicals (DPRP) has unveiled plans for its Initial Public Offering (IPO) valued at approximately N2.15 trillion ($1.6 billion), with a targeted participation of up to 10 million Nigerian investors through a secure and technology-driven subscription process integrated with the nation’s Bank Verification Number (BVN) system.

The offer, scheduled to open on September 14, 2026, is expected to be one of the largest equity offerings in Nigeria’s capital market history. To accommodate strong investor interest, the transaction includes an over-allotment option of up to 30 per cent of the offer size. Upon completion of the offering and receipt of all regulatory approvals, the company’s shares will be listed on the Main Board of Nigerian Exchange Limited (NGX).

Designed to broaden participation in wealth creation and deepen Nigeria’s capital market, the public offer provides millions of Nigerians with a unique opportunity to acquire ownership stakes in one of Africa’s most strategic industrial assets. The BVN- integrated subscription platform will enable investors across the country to participate seamlessly, securely and transparently, removing many of the traditional barriers to equity investment.

Speaking at the IPO signing ceremony, the chairman of the Board of Directors of DPRP and founder and president of Dangote Industries Limited, Aliko Dangote described the transaction as a defining moment for the company and the continent.

“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. Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation,” he stated.

According to Dangote, this refinery means so much to our continent. From the man working in the Simandou mines, to the woman cultivating the fertile fields of Amhara, to the fisherman in Walvis Bay, and the custodians of our ancient history at the northern edge of Africa, this project represents a shared African achievement. Today is indeed a day of collective pride.

“The IPO represents one of the most significant initiatives aimed at democratising investment opportunities and expanding retail participation in Nigeria’s capital market. By leveraging existing digital financial infrastructure and BVN verification, DPRP seeks to make share ownership accessible to both first-time investors and experienced market participants nationwide.”

Dangote said the transaction reflects the company’s commitment to inclusive prosperity, broad-based ownership and long-term national economic development.

“This offer presents Nigerians with a unique opportunity to become co-owners of a world-class refinery that is transforming Africa’s energy landscape. By simplifying the subscription process through BVN integration and digital application channels, we are opening the door for millions of citizens to participate in the growth story of this strategic national asset.”