Global investors are showing strong interest in the Dangote Petroleum Refinery’s ₦2.15 trillion public offer, as the company opens ownership of the massive industrial project to the public.
The IPO consists of 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares valued at ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026.
Investors Show Strong Interest
The public offer follows an earlier private placement that attracted significant interest from institutional and international investors.
The private placement reportedly received applications worth about $2.5 billion for a $1 billion offer, highlighting strong investor appetite for the refinery.
The public offer is expected to raise approximately ₦2.15 trillion, making it one of the largest equity offerings in Africa.
Dangote said the IPO was designed to give ordinary Nigerians and other Africans an opportunity to own part of the refinery and participate in the wealth created by the project.
“We are doing the IPO to pass this prosperity to Africans,” Dangote said.
Refinery Targets Wider Ownership
The offering is targeted at retail and institutional investors as well as eligible African investors.
Dangote has previously said the refinery listing is intended to democratise wealth creation and deepen participation in Nigeria’s capital market.
The company has also received growing attention from international investors following its expansion and increasing production capacity.
The refinery currently processes around 700,000 barrels of crude oil per day and has plans to expand capacity significantly in the coming years.
IPO Could Deepen Capital Market
The listing is expected to increase the number of Nigerians participating in the capital market while giving investors direct exposure to one of Africa’s largest industrial projects.
The shares are expected to be listed on the Nigerian Exchange following completion of the offer and necessary regulatory processes.
