Dangote Opens N2.15tn Refinery IPO, Targets Wider Public Ownership
The ceremony, held on the trading floor of the Nigerian Exchange in Lagos, marked a major milestone for Nigeria’s capital market, as Dangote Refinery became the first refinery to offer shares to investors on the Nigerian stock market in the Exchange’s 66-year history.
The IPO comprises 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer opened on September 14, 2026, and will close on October 13, 2026, subject to the terms contained in the prospectus.
The N2.15tn offer value represents the total value of the 4.1 billion shares at N525 per share if fully subscribed.
The offer is open to retail and institutional investors, as well as eligible African investors, providing members of the public and other qualified investors an opportunity to acquire an interest in the refinery.
Speaking after sounding the gong, Dangote described the offering as a “People’s IPO”, saying it was designed to broaden public participation in the ownership of the refinery.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started,”he said.
Dangote stressed that the refinery offer was not an isolated transaction, saying the Dangote Group planned to bring more of its companies to the Nigerian capital market.
He recalled his long standing relationship with the Nigerian Exchange and efforts by its leadership to encourage wider public ownership of businesses.
Dangote said the group intended to list all companies it would establish and operate in the future.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.
The projection reflects Dangote’s broader ambition to use the Nigerian capital market to expand public ownership of businesses within the conglomerate while providing investors with opportunities to participate in its various operations.
