Dangote Industries Limited is preparing to open subscriptions for the landmark initial public offering of its petroleum refining business on Monday, September 14, in a transaction expected to become the largest IPO ever undertaken in Africa.
The Dangote Petroleum Refinery and Petrochemicals offer comprises 4.1 billion ordinary shares priced at N525 each, targeting approximately N2.15 trillion from investors.
Subscriptions are scheduled to run from September 14 to October 13, with trading expected to commence on the Nigerian Exchange later in the year.
The transaction comes as the company pursues an ambitious expansion programme that could almost double the refinery’s processing capacity.
Retail Investors Targeted
One significant feature of the offer is its relatively low minimum subscription threshold.
Investors can subscribe for a minimum of 10 shares, representing an initial investment of N5,250 at the N525 offer price.
Aliko Dangote has positioned the offering as an opportunity to broaden ownership of the refinery beyond institutional and wealthy investors.
The IPO could also significantly alter the structure of Nigeria’s equity market because of the scale of the company being introduced to the exchange.
The refinery began operations in 2024 after an estimated investment of about $20 billion and has since emerged as a major supplier of refined petroleum products.
$14.3bn Expansion Planned
The company has outlined a $14.3 billion expansion programme intended to increase refining capacity to about 1.4 million barrels per day by 2029.
It is also considering further international expansion, including a proposed refinery development in Kenya.
The IPO comes at a particularly significant moment for global energy markets.
Brent crude remained above $100 per barrel on Thursday as escalating conflict in the Middle East and disruptions to shipping through the Strait of Hormuz intensified concerns over global oil supplies.
That environment increases the strategic importance of refining capacity outside the Gulf region, although higher crude prices can simultaneously increase feedstock costs for refiners.
Refinery Reports H1 Profit
The company’s financial performance has also attracted investor attention.
According to Reuters, the refinery recorded approximately $1.82 billion in profit during the first half of 2026, compared with a $476 million loss in 2025.
The turnaround could strengthen the investment case presented to prospective shareholders, but investors will still need to assess the company’s valuation, expansion costs, operating risks, regulatory environment and exposure to volatile global energy prices.
The IPO is therefore more than a fundraising exercise for Dangote.
Its scale means the listing could reshape the Nigerian Exchange, broaden participation in one of the country’s largest industrial assets and provide a major test of domestic investors’ capacity to finance large-scale Nigerian infrastructure and industrial businesses through the capital market.
With subscriptions opening on September 14, attention will now turn to investor demand and whether the landmark transaction can translate widespread interest into one of the most consequential capital-market listings in Africa.
