By The Dangote Petroleum Refinery has taken a major step towards becoming publicly owned as agreements for its proposed Initial Public Offering (IPO) were formally signed, paving the way for Nigerians and other investors to acquire shares in Africa’s largest refinery.
The offering is valued at approximately ₦2.157 trillion and will involve the sale of 4.1 billion ordinary shares at ₦525 each.
The transaction is expected to raise about $1.6 billion, with the proceeds earmarked for growth capital expenditure and the continued expansion of the refinery’s operations.
A key feature of the offer is its relatively low entry point for retail investors. Prospective investors will be able to subscribe for as few as 10 shares, putting the minimum investment at ₦5,250. Additional subscriptions are to be made in multiples of 10 shares.
The structure is designed to widen participation in the refinery’s ownership by making the offer accessible to ordinary investors rather than limiting participation to large institutional or high-net-worth investors.
The IPO signing also marks a significant point in the development of the refinery, which Dangote described as the product of more than a decade of determination and persistence.
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According to Aliko Dangote, the project had to overcome major challenges involving financing, land acquisition, regulatory requirements and the complexities associated with building and operating a refinery of its scale.
He presented the IPO as the latest stage in a broader vision of expanding industrial capacity and encouraging investment in Africa.
Dangote said the refinery forms part of the Dangote Group’s Vision 2030, which places industrialisation at the centre of its long-term strategy for the continent.
Energy security, he noted, remains an important part of that ambition, with the refinery positioned to strengthen Nigeria’s ability to meet its petroleum product needs while supporting wider industrial activity.
The refinery is also being presented as an instrument for broader economic participation. With the minimum subscription fixed at ₦5,250, the offer creates an opportunity for workers, entrepreneurs and other individual investors to acquire an interest in the company.
Beyond raising capital, Dangote said the public offering represents an opportunity for Nigerians and Africans to participate in the future growth of a major industrial asset.
The refinery’s journey, he added, demonstrates how projects once considered too ambitious can be realised through sustained commitment, resilience and long-term investment.
The wider economic significance of the facility was also highlighted, with the refinery expected to contribute to job creation and economic activity as part of efforts to deepen Nigeria’s industrial base.
The ₦2.157 trillion offer, priced at ₦525 per share, is being positioned as the largest IPO in Nigeria’s capital market history and a landmark transaction for the African industrial and investment landscape.
With the signing of the agreements completed, the proposed offering now moves closer to opening participation to the investing public.
