Dangote Refinery Floats ₦2.15tn IPO, Sets ₦52,500 Entry Point for Investors

The Dangote Petroleum Refinery has taken a major step towards public ownership following the formal signing of its ₦2.15 trillion ($1.6 billion) Initial Public Offering (IPO) at Eko Hotels, Lagos.

The transaction, valued at ₦2.15 trillion, is set to become Africa’s largest-ever public share sale, with 4.1 billion ordinary shares offered to investors at ₦525 per share.

The offer is expected to open the doors of one of Africa’s biggest industrial projects to ordinary Nigerians, with the minimum subscription fixed at 100 shares, costing ₦52,500.

Investors seeking to acquire additional shares can subscribe in multiples of 50 shares.

The official application list will open on September 14, 2026, and remain open for exactly 25 days, closing on October 9, 2026.

The completion of the signing ceremony marks a significant milestone for Nigeria’s capital market, coming as the Dangote Refinery seeks to broaden its ownership base and give Nigerians an opportunity to invest directly in the multi-billion-dollar petroleum project.

At ₦525 per share, the offering places the refinery’s massive scale firmly within the reach of retail investors, potentially making the IPO one of the most closely watched capital-market transactions in Nigeria.

The offer is expected to generate substantial interest from institutional and individual investors when subscription officially begins next week.

The Dangote Petroleum Refinery, located in the Lekki Free Zone in Lagos, is Africa’s largest single-train refinery and has become a major component of Nigeria’s strategy to reduce dependence on imported refined petroleum products.

With the IPO now moving into the subscription phase, attention will shift to how investors respond to the historic offer and whether the share sale achieves its ambitious target.