Dangote Petroleum Refinery and Petrochemicals FZE has unveiled a N2.15 trillion Initial Public Offer (IPO), opening the door for Nigerians and other Africans to acquire shares in the 700,000-barrel-per-day refinery.
The offer comprises 4.1 billion ordinary shares at N525 each, with a minimum subscription of 10 shares valued at N5,250.
Speaking at the launch on Monday, the company’s Chief Executive, Aliko Dangote, said the IPO was designed to raise capital for the refinery’s expansion while widening public ownership.
“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.
He said the company planned to double the refinery’s capacity to 1.4 million barrels per day, an expansion he said would increase production and strengthen its ability to serve both domestic and international markets.
Dangote described the offer as the refinery’s first public offer since its inauguration in 2023 and called it the biggest IPO in Africa.
The Group Managing Director of Vetiva Capital Management, Chuka Eseka, said the transaction was structured to promote transparency, accountability and broad participation.
He said retail investors could subscribe electronically through bank applications, internet platforms and stockbrokers, while institutional investors could participate electronically or through application forms submitted to receiving agents.
FirstCap Managing Director, Ukandu Ukandu, said the offer was targeting about 10 million retail investors — a figure that would far exceed the current Nigerian capital market record of about 181,000 retail participants in a single transaction.
Chief Executive Officer of Dangote Petroleum and Petrochemicals, David Bird, said the refinery’s location in the Lekki Free Zone positioned it to serve Nigeria, West Africa and wider international markets.
“This is not just a refinery or petrochemical complex. This is truly a pan-African energy platform,” Bird said.
Stanbic IBTC Capital Chief Executive, Oladele Sotubo, said the offer was structured to give ordinary Nigerians an opportunity to become shareholders in the refinery.
The offer, approved by the Securities and Exchange Commission, is scheduled to open on September 14 and close on October 13, subject to regulatory approvals and the conditions contained in the offer documents.
Vetiva Advisory Services is the Lead Issuing House and Lead Adviser, while Stanbic IBTC Capital and FirstCap are Joint Managers.
The company plans to list the shares on the Main Board of the Nigerian Exchange.
Eligible retail investors may also receive up to two additional shares under the offer’s incentive structure, subject to the applicable conditions.
