The Dangote Petroleum Refinery and Petrochemicals is set to begin its Initial Public Offering (IPO) on Monday, September 14, in what is expected to become Africa’s largest-ever share offering.
The company plans to sell 4.1 billion shares at ₦525 each, targeting about ₦2.15 trillion ($1.6 billion). The offer is designed to attract both institutional and retail investors, with a minimum purchase of 10 shares.
The funds will support Dangote’s expansion plans, including increasing the refinery’s capacity from about 700,000 barrels per day to 1.4 million barrels per day and developing additional energy and petrochemical projects.
Dangote is also planning a new 700,000-barrel-per-day refinery in Kenya, although the project faces challenges around crude-oil supply, financing and infrastructure.
The refinery’s IPO subscription is expected to run from September 14 to October 13, with a proposed listing on the Nigerian Exchange later in the year.
