Dangote Petroleum Refinery and Petrochemicals FZE has appointed Vetiva Advisory Services Limited as the lead adviser for its planned Initial Public Offering (IPO), as the company prepares to raise fresh capital from investors.
The appointment places Vetiva at the centre of one of the most significant transactions expected to take place in Nigeria’s capital market. The Dangote Refinery IPO is projected to become one of Africa’s largest public share offerings and is expected to attract significant interest from both retail and institutional investors. Vetiva will play an important role in guiding the refinery through the IPO process. Its responsibilities include providing financial and strategic advice, supporting the transaction structure and helping the company navigate the requirements involved in taking the business to the public market.
Vetiva Advisory Services is part of Vetiva Capital Management and has experience in financial advisory, capital markets and project finance. The company also provides services covering IPO readiness, valuation, corporate restructuring and other major financial transactions. The Dangote Group had earlier appointed Vetiva alongside Stanbic IBTC Capital and FirstCap as advisers and lead issuing houses for the proposed refinery listing. Stanbic IBTC is expected to support the international book building process, while Vetiva brings experience in local capital markets and retail investor distribution. FirstCap is expected to contribute to institutional placement, particularly among pension funds and asset managers.
The appointment comes as preparations for the refinery’s IPO enter a critical stage. The Securities and Exchange Commission has approved the proposed share sale, which is expected to raise about N2.15 trillion through the sale of 4.1 billion ordinary shares at N525 each. The IPO is scheduled to open for subscription on September 14 and close on October 13, with trading expected to commence on the Nigerian Exchange later in November. If fully subscribed, the transaction would represent one of the biggest equity offerings in the history of Nigeria’s capital market.
The funds raised will support the refinery’s expansion plans. Dangote has announced a $14.3 billion investment programme aimed at increasing the refinery’s processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029. The expansion is expected to strengthen the refinery’s position in the international energy market while increasing its ability to supply refined petroleum products to Nigeria and other African countries.
The planned IPO is also designed to give ordinary Nigerians a direct opportunity to own shares in one of the country’s largest industrial assets. The company has positioned the offering as a way of broadening ownership and allowing more investors to benefit from the refinery’s future performance.
Investor interest has already been building ahead of the public offering. In July, the refinery completed a $2.5 billion private share placement, which was reportedly oversubscribed 3.7 times. The transaction brought external investors into the business for the first time and strengthened the company’s preparations for its planned public listing. The IPO will therefore mark an important transition for Dangote Refinery as it moves from being largely privately owned to becoming a publicly traded company.
For Vetiva, the mandate provides an opportunity to play a leading role in a landmark transaction that could significantly deepen Nigeria’s capital market and increase public participation in the country’s industrial sector.
