President of Dangote Industries Limited, Aliko Dangote, on Monday officially launched the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange (NGX).
Dangote sounded the gong at the NGX trading floor in Lagos to mark the commencement of the historic offer, making it the first refinery to be listed through an IPO on the Nigerian stock market in the Exchange’s 66-year history.
The IPO opened on Monday, September 14, 2026, offering 4.1 billion new ordinary shares at N525 per share. Investors can subscribe for a minimum of 10 shares, valued at N5,250.
The offer is expected to close on October 13, 2026, subject to the terms and conditions outlined in the prospectus.
Speaking at the launch ceremony, Dangote said the IPO was part of a broader effort to increase public participation in the ownership of his companies.
“We will lease every company that we operate,” he said.
The share offer provides retail, institutional and eligible African investors with an opportunity to acquire an interest in Dangote Refinery, which is Africa’s largest refinery.
Lagos State Governor, Babajide Sanwo-Olu, was among the dignitaries at the ceremony. Members and associates of the Dangote family, including two of Dangote’s daughters, were also present.
Dangote’s sounding of the NGX gong formally marked the opening of the offer, allowing investors to begin subscribing for shares in the refinery.
The IPO is expected to expand public ownership of the refinery while boosting activity and participation in Nigeria’s capital market.
With 4.1 billion new ordinary shares offered at N525 each, the IPO could raise approximately N2.15tn if fully subscribed.
