Dangote Petroleum Refinery and Petrochemicals FZE has formally signed the documents for its initial public offering (IPO), setting the stage for what is expected to become Africa’s largest-ever share sale and giving retail and institutional investors an opportunity to buy into Nigeria’s biggest refining project.
The signing ceremony was held in Lagos on Monday, September 7, 2026, following the Securities and Exchange Commission’s (SEC) approval of the offer on September 4, 2026. Reuters reported that the transaction marks Africa’s largest-ever share sale.
Under the approved terms, the refinery will offer 4.1 billion ordinary shares at ₦525 each, which could raise approximately ₦2.15 trillion ($1.6 billion) if fully subscribed, according to the Dangote Group and SEC-approved offer details. The order book is scheduled to open on September 14, 2026.
The SEC has also registered the refinery’s existing 120.13 billion ordinary shares. Based on the offer price and registered share base, Reuters estimates the refinery’s implied valuation at about $47 billion, correcting earlier reports that placed the figure at roughly $49 billion.
The offer is structured to allow smaller investors to participate. The minimum subscription is 10 shares, requiring an investment of ₦5,250 at the offer price. Additional subscriptions will be made in multiples of 10 shares.
Speaking at the signing ceremony on Monday September 7, 2026, Aliko Dangote described the transaction as an “IPO for the people”, saying the structure was intended to give workers and ordinary Nigerians an opportunity to own a stake in the refinery. Channels Television reported his comments from the event.
The IPO proceeds are intended to finance further expansion of the refinery. The facility has a nameplate capacity of 650,000 barrels per day, according to the Africa Finance Corporation (AFC), although the plant has tested at higher throughput levels. Dangote plans to more than double capacity to 1.4 million barrels per day by 2028, according to AFC.
The refinery has already attracted significant external investment. In July 2026, it completed a $2.5 billion private placement, which was 3.7 times subscribed, according to AFC. The transaction brought external investors into the refinery’s ownership for the first time beyond its legacy shareholders.
The IPO will now put the Nigerian capital market under the spotlight as investors assess the valuation and growth prospects of one of Africa’s largest industrial assets.
For the Nigerian Exchange (NGX), the transaction could also significantly increase market capitalisation if the shares are successfully listed and the offer is fully subscribed.
With the public offer set to open on September 14, the immediate test will be whether the refinery can convert strong institutional interest into broad participation from Nigeria’s retail investment market.
