The Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals recorded strong demand on Monday, with investors subscribing to billions of naira worth of shares shortly after the offer opened on the Nigerian Exchange.
The commencement of the N2.15tn public offer was marked by an opening gong ceremony at the NGX trading floor in Marina, Lagos, attended by government officials, traditional rulers and major players in the capital market.
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, officially opened the offer by sounding the gong.
The transaction makes Dangote Refinery the first petroleum refinery to be offered to investors through the Nigerian Exchange in its 66-year history.
The IPO consists of 4.1 billion ordinary shares priced at N525 each. Investors can subscribe to a minimum of 10 shares, costing N5,250.
The offer opened on Monday, September 14, 2026, and is expected to close on October 13, 2026, subject to the terms outlined in the prospectus. Retail investors, institutions and eligible African investors are allowed to participate.
Dangote called on Nigerians from different backgrounds, including teachers, artisans, civil servants and students, to take advantage of the offer and become shareholders in the refinery.
He described the IPO as an avenue for Nigerians and other Africans to participate in the ownership of a major industrial asset and potentially build long-term wealth.
According to Dangote, the refinery is already generating substantial revenue and profits, while contributing to the Nigerian economy through job creation, foreign exchange conservation and improved energy security.
He also revealed that the refinery listing was part of a wider strategy to take more companies within the Dangote Group to the stock market.
Dangote said the group plans to eventually list all its operating companies, adding that the group’s market capitalisation could reach at least $350bn by 2030 if valued at a 10-times price-to-earnings ratio.
He said the Nigerian Exchange would serve as the group’s main platform before possible dual listings on other international exchanges.
Dangote said the IPO was consistent with the group’s aim of expanding ownership and allowing more Nigerians to benefit from the success of its businesses.
Refinery records strong financial performance
Dangote disclosed that the refinery generated about N19.47tn in revenue during the first half of 2026, while profit after tax reached N2.55tn.
At the IPO price of N525 per share, the refinery would have an implied market capitalisation of approximately N65.22tn.
When combined with Dangote Cement Plc and Dangote Sugar Refinery Plc, the three companies are projected to create an equity cluster worth around N83.5tn on the Nigerian Exchange.
Dangote’s wealth could rise after IPO
A Bloomberg report estimated that Aliko Dangote’s wealth could increase to as much as $58.2bn following the refinery’s listing.
The projection would represent an increase of about $22.9bn from his estimated current fortune of $35.3bn, based on the Bloomberg Billionaires Index.
The IPO is expected to raise approximately $1.6bn and place the refinery’s valuation at nearly $50bn, according to Bloomberg.
The increase could also move Dangote ahead of US hedge fund manager Ken Griffin and technology billionaire Eric Schmidt on the global wealth ranking.
Speaking at an IPO signing ceremony in Lagos, Dangote urged Nigerians and other Africans to take a more active role in developing the continent’s economies.
Leaders welcome the listing
Chairman of NGX Group, Umaru Kwairanga, described the transaction as a major development for Africa’s capital markets, saying it demonstrated the ability of African capital to support large-scale industrial projects.
Lagos State Governor, Babajide Sanwo-Olu, said the IPO would open investment opportunities to Nigerians across different economic groups, including small business owners, market traders, institutional investors and technology entrepreneurs.
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, also praised the structure of the offer, particularly the N5,250 minimum entry point, saying it would make participation possible for ordinary Nigerians.
Former NGX President, Aigboje Aig-Imoukhuede, said the strong early response from investors reflected confidence in Dangote Refinery’s financial outlook and corporate governance.
The Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that major industrial projects of global significance could be developed from Africa.
Meanwhile, Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the refinery had become the largest single supplier of refined petroleum products to Europe while maintaining safe and efficient operations.
Bird said the company remained committed to its Vision 2030 target of becoming the world’s largest integrated refinery and petrochemical complex.
Dangote said the refinery had achieved its original objective of helping Nigeria move from dependence on imported refined petroleum products towards becoming a major refining and export centre.
He added that the group’s wider investments across Africa were aimed at accelerating industrial development on the continent.
Source: PUNCH
