The Dangote Petroleum Refinery and Petrochemicals FZE is set to open its Initial Public Offering (IPO) on Monday, September 14, in what is expected to become Africa’s largest public share offering.
The refinery plans to raise about ₦2.15 trillion, equivalent to approximately $1.63 billion, through the sale of 4.1 billion ordinary shares at ₦525 per share. The offer will remain open until October 13, 2026.
The IPO will give Nigerian investors and other eligible investors an opportunity to become shareholders in the Dangote Refinery, one of the largest single-site refineries in the world.
The minimum subscription is 10 shares, meaning an investor can participate with ₦5,250 at the offer price. Applications must be made in multiples of 10 shares.
The public offering comes as Dangote Refinery continues to increase its production and strengthen its position in Nigeria’s petroleum industry. The refinery, located in Lagos, currently has a capacity of about 700,000 barrels per day.
According to Reuters, the refinery recorded an after-tax profit of approximately $1.82 billion in the first half of 2026, compared with a loss of $476 million recorded for the whole of 2025. The improved performance has been supported by stronger refining operations and favourable conditions in international fuel markets.
Dangote Refinery is also planning a major expansion programme estimated at $14.3 billion. The company intends to increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029.
The expansion is expected to increase the refinery’s ability to supply petroleum products to Nigeria and other African markets. The company is also considering additional investments in petrochemicals and infrastructure as it seeks to expand its position in the energy sector.
The IPO is particularly significant for Nigeria’s capital market because it will allow ordinary investors to own part of a major industrial asset. The offer is expected to attract retail investors, institutional investors and Nigerians in the diaspora.
The refinery has already changed Nigeria’s position in the petroleum-products market. For many years, Nigeria relied heavily on imported refined petroleum products despite being a major crude oil producer. The Dangote facility is helping to increase domestic refining and has also created opportunities for Nigeria to export refined products.
The company has also secured substantial crude supplies as it prepares to increase production. Reuters reported that Dangote Refinery purchased at least 16 million barrels of Nigerian crude for delivery in October, equivalent to roughly 520,000 barrels per day.
However, analysts have warned that investors should carefully consider the risks associated with the investment. Refinery earnings can be affected by crude oil prices, global refining margins, foreign exchange movements, operational costs and changes in government regulations.
The company’s planned expansion also requires significant funding and successful execution. While the project could generate additional revenue and strengthen Dangote Refinery’s position in Africa, delays or higher-than-expected costs could affect future returns.
The IPO is nevertheless being closely watched by investors because of its size and the importance of the refinery to Nigeria’s economy.
With the offer scheduled to open on September 14, investors will now have the opportunity to study the prospectus and decide whether the Dangote Refinery shares fit their investment goals.
The shares are expected to be listed on the Nigerian Exchange after the offer period, with trading anticipated later in the year.
The Dangote Refinery IPO therefore represents more than a major share sale. It marks a significant step towards wider public ownership of one of Nigeria’s most important industrial projects and could further deepen the country’s capital market.
