Aliko Dangote, President and Chief Executive of Dangote Industries Limited, announced on Monday that ordinary Nigerians will have the opportunity to buy Dangote refinery shares through its Initial Public Offering (IPO).
Dangote made the announcement at a signing ceremony in Lagos, describing the deal as an “IPO for the people” aimed at broadening public ownership of the massive industrial facility.
According to Dangote, the IPO will offer 4.1 billion ordinary shares at N525 each and is expected to raise slightly more than N2 trillion.
The businessman said investors can subscribe to a minimum of 10 Dangote refinery shares.
Several prominent financial leaders attended the landmark signing ceremony for the refinery’s initial public offering in Lagos State, including Heirs Holdings Chairman Tony Elumelu and Zenith Bank Chairman Jim Ovia.
Under the terms of the IPO, the private refinery is making 4.1 billion ordinary shares available for subscription at ₦525.00 per share, with a nominal par value of $0.000013 each.
The official public subscription window will open on September 14, 2026, and remain active for 25 days before closing on October 9, 2026.
To participate, prospective investors must purchase a minimum threshold of 100 ordinary shares—valued at ₦52,500—with additional allocations available in increments of 50 shares.
Located in Lagos’ Lekki Free Zone, the facility is Africa’s largest single-train refinery and can process 650,000 barrels of crude oil per day.
The public offering will fund a major expansion of the Lagos-based facility, increasing its processing capacity from 700,000 barrels per day (bpd) to 1.4 million bpd.
If achieved, this milestone will enable the facility to overtake India’s Jamnagar complex and become the largest single-site oil refinery in the world.
Backstory…
The refinery has a market valuation of almost $47 billion at the offer price of ₦525 per share.
The listing could increase the NGX’s total market capitalisation by an estimated 30 to 40 percent if investors fully subscribe to the offer.
The company has proposed paying dividends in US dollars to institutional and retail investors. It plans to use foreign exchange earnings from petrochemical and refined product exports to shield investors from local currency fluctuations.
Dangote commissioned the refinery in May 2023.
Although the refinery currently supplies more than 80 percent of Nigeria’s domestic fuel needs, its long-term profitability will depend on crude feedstock availability, export growth and refining margins.
Recall that the the group founder, Aliko Dangote earlier announced that the Dangote refinery IPO will begin within the next 10 to 12 days.
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