President of Dangote Industries Limited, Aliko Dangote, on Monday sounded the gong at the Nigerian Exchange to formally open the N2.15tn Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.
The ceremony, held on the trading floor of the NGX in Lagos, marked a major milestone for Nigeria’s capital market as Dangote Refinery became the first refinery to be offered to investors on the Nigerian stock market in the Exchange’s 66-year history.
The IPO comprises 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
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The N2.15tn offer value represents the total value of the 4.1 billion shares being offered at N525 per share if fully subscribed. The offer is open to retail, institutional and eligible African investors, giving members of the public and other eligible investors an opportunity to acquire an interest in the refinery.
Speaking after sounding the gong, Dangote described the offer as a means of widening public participation in the ownership of the company, stressing that the refinery IPO was only the beginning of a broader plan to bring more companies within the Dangote Group to the capital market.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.
“It’s not only about the refinery.”
By describing the offer as a “People’s IPO”, Dangote was emphasising the broader participation that the listing is intended to create, allowing investors beyond the company’s existing ownership structure to take an interest in one of Africa’s largest industrial projects
Dangote said his relationship with the Nigerian Exchange had also involved efforts to transform and democratise the capital market, recalling how the exchange’s leadership pushed him to embrace wider public ownership.
“Mr Chairman, CEO and other managers of the Stock Exchange, the Stock Exchange is something that I have actually been fully involved with the transformation,” he said.
He said the public offering should not be viewed as an isolated transaction, disclosing that the Dangote Group intended to list all its companies that would operate in the future.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he added.
Dangote’s projection underlined his broader ambition to use the Nigerian capital market as a platform for expanding public ownership of businesses within the group. A listing of more companies would also give investors opportunities to participate in different areas of the conglomerate’s operations.
Dangote said the NGX would serve as a platform from which the group could pursue listings on other exchanges, while describing Nigeria and Africa as the foundation of its expansion.
“From this exchange, then we can go to any other place.
“So, Nigeria and Africa is our base. We want to make sure that we join our continent.
“Thank you very, very much.”
The IPO gives investors an opportunity to participate in the ownership of Dangote Refinery, which is located in the Lekki Free Zone, Lagos. The refinery has also been positioned as a major project in Nigeria’s drive to expand domestic refining capacity and reduce dependence on imported petroleum products.
Lagos State Governor, Babajide Sanwo-Olu, attended the ceremony alongside other prominent figures, including President/Chairman of the Nigerian Exchange Group, Umaru Kwairanga; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II; founder of Zenith Bank, Jim Ovia; and Vice President, Oil and Gas and Fertiliser, Dangote Industries Limited, Devakumar V.G. Edwin.
Members of the Dangote family, including two of Dangote’s daughters, were also present at the ceremony.
The opening of the IPO marks a significant step in Dangote Refinery’s transition from a privately held industrial project to a company with broader public ownership through the Nigerian capital market. The N525 offer price and minimum subscription of 10 shares also lower the entry point for individual investors seeking to participate in the offering.
The offer will run from September 14 to October 13, 2026, subject to the terms contained in the prospectus.
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