Dangote Refinery IPO Opens as Investors Get Chance to Own Stake in Africa’s Biggest Refinery

LAGOS, Nigeria: The Dangote Petroleum Refinery and Petrochemicals FZE has officially opened its Initial Public Offering (IPO), allowing investors to become shareholders in one of Africa’s biggest industrial projects.

The public offer opened on Monday, September 14, 2026, with 4.1 billion ordinary shares priced at ₦525 per share. If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion, equivalent to about $1.6 billion.

The IPO marks a significant moment for Nigeria’s capital market as the privately owned refinery begins the process of broadening ownership among investors.

The refinery, located in the Lekki Free Zone in Lagos, currently has a processing capacity of about 700,000 barrels of crude oil per day. Dangote plans to expand that capacity to approximately 1.4 million barrels per day, with proceeds from the IPO expected to support the company’s expansion plans.

Minimum investment starts at ₦5,250

The offer has been structured to allow ordinary Nigerians and other eligible investors to participate.

According to the official IPO website, investors can apply for a minimum of 10 shares at ₦525 each, meaning the minimum subscription is ₦5,250.

The official offer period runs from September 14 to October 13, 2026. After the offer closes, shares will be allotted to successful applicants before the company proceeds toward listing on the Nigerian Exchange.

Investors have been advised to subscribe only through the SEC-approved receiving agents and electronic application channels designated for the offer.

A major test for Nigeria’s retail investment market

The Dangote Refinery IPO is expected to attract considerable interest from retail investors because it provides an opportunity to take direct ownership in a major Nigerian industrial asset.

The refinery began operations in 2024 and has since become a major supplier of refined petroleum products to the Nigerian market. Reuters reports that the facility has also become an important exporter of refined products as its operations have expanded.

The company reported a $1.82 billion net profit in the first half of 2026, compared with a loss recorded during the corresponding period of the previous year, according to Reuters.

Beyond the current refinery operation, Dangote’s longer-term plans include increasing refining capacity and developing additional infrastructure to support its petroleum and petrochemical business.

Dangote retains majority ownership

Despite the public offer, Aliko Dangote and the wider Dangote Group will remain firmly in control of the business.

Reuters reports that the IPO represents the sale of about 3.3% of the refinery, allowing the group to raise capital while opening part of the company to public investors.

The transaction therefore represents a shift from the refinery being entirely privately owned to allowing members of the investing public to participate in its future growth.

For Nigerian investors, the offer provides an opportunity to gain exposure to a company at the centre of the country’s drive to reduce dependence on imported refined petroleum products.

However, the official IPO website has cautioned investors that shares carry investment risks. Share prices can rise or fall after listing, and dividends are not guaranteed.

The Dangote Refinery IPO will remain open until October 13, after which applications will be processed and shares allotted in accordance with the approved terms of the offer.