By The Securities and Exchange Commission has given the green light to the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, with the company set to offer 4.1 billion ordinary shares at ₦525 apiece. If fully subscribed, the offer could raise approximately ₦2.15 trillion, according to a statement issued by the Dangote Group on Friday.
The approval lands just after Aliko Dangote told investors and analysts in Botswana that the IPO would open within 10 to 12 days, a timeline earlier reported. With the SEC’s sign-off now secured, the offering can move into its next stages.
“The proposed offering comprises 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed.
In addition, the SEC has registered the company’s existing 120.13 billion ordinary shares,” the statement read, adding that “the regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.”
The Dangote Group said the approval was communicated in a letter to Lead Issuing House Vetiva Advisory Services Limited, signed by Abdulkadir Abbas, Director of the SEC’s Securities and Investment Services Department.
Alongside approving the new share offering, the commission also registered the refinery’s existing 120.13 billion ordinary shares as part of the process.
What investors would be buying into
The offer gives the public a chance to hold a stake in one of Nigeria’s largest industrial ventures as the refinery transitions toward becoming a publicly traded company.
Located in Ibeju-Lekki, Lagos, the facility currently runs at a capacity of 700,000 barrels per day and is undergoing an expansion designed to push that figure to 1.4 million barrels per day.
The Dangote Group described the plant as backed by extensive infrastructure built to support that scale of operation, from a self-sufficient marine facility optimising logistics and freight, to what it called the world’s largest single order of five Single Point Moorings.
The statement noted the refinery’s processing technology meets World Bank, US Environmental Protection Agency, European emission standards and Nigerian regulatory requirements, while its integrated port setup includes multiple quays capable of handling Panamax vessels, liquid cargo shipments and roll-on/roll-off operations. Its storage network, the company added, comprises 177 tanks with a combined capacity of 4.742 billion litres.
Dangote had earlier framed the IPO as part of a broader push to widen investment in the refinery, describing the offering as poised to become one of the largest capital market transactions in Nigeria’s history.
