Dangote Refinery Officially Announces Terms of IPO at Signing Ceremony

BREAKING NEWSSeptember 7, 2026 at 12:28 PM UTC

TLDR

Dangote Petroleum Refinery IPO: Largest in African history, offering 4.1 billion shares at ₦525.00 each
SEC-cleared offer with minimum subscription of 10 shares, proceeds to fund growth capital expenditure
Subscription opens on September 14, 2026, closing on October 13, 2026, offering additional shares for eligible retail investors

Dangote Petroleum Refinery released its initial public offering prospectus today, setting out the final terms of a share sale that could rank as the largest in African history. Executives signed the document at a ceremony in Lagos, marking the last regulatory step before the offer opens to investors across Nigeria and the wider region. Copies of the prospectus are now available through receiving banks, brokers, and the company's investor relations portal, and the refinery plans to list a stake on the Nigerian Exchange once the offer closes.

The prospectus lists 4,100,000,000 ordinary shares, at a nominal value of $0.000013 each, for sale at ₦525.00 ($0.39) per share, targeting a total issue size of ₦2.15 trillion (about $1.6 billion), if the offer is fully subscribed. Dangote Petroleum Refinery & Petrochemicals FZE, the entity issuing the shares, set a minimum subscription of 10 offer shares, with further applications in multiples of 10 thereafter. The offer runs at a fixed price, with payment due in full on application, and proceeds will go toward funding growth capital expenditure.

The SEC cleared the offer after reviewing the refinery's financial statements and disclosures, and executives at the ceremony described the signing as the final step before the offer opens to the public.

The refinery, which processes 650,000 barrels of crude oil a day, ranks as the world's largest single-train facility and Africa's largest refining complex by capacity, having reached full output in February 2026. Eligible retail investors who hold their shares for the applicable minimum period may receive up to two additional shares at no extra cost, subject to regulatory approval, and the issuer may absorb up to 30% of the offer if it is oversubscribed, subject to SEC approval. The shares will rank pari passu with the refinery's existing ordinary shares, and an independent assessment found them Shari'ah-compliant.

Subscription opens on September 14, 2026, and closes on October 13, 2026. Retail investors can apply through an electronic application, while qualified investors can apply electronically or through an investor application form. The offer runs by way of an offer for subscription, and the shares are expected to list on the Main Board of the Nigerian Exchange once the offer closes.

For more information on how to participate and to track the Dangote IPO, view the dedicated IPO page here.

Key Takeaways

The prospectus release turns the confirmed terms of the Dangote Refinery offer into a binding transaction. The company is selling 4,100,000,000 ordinary shares at ₦525.00 ($0.40) each, targeting a total issue size of about ₦2.15 trillion (about $1.6 billion), at a fixed price. Analysts had placed the refinery's valuation between $20 billion and $50 billion in earlier estimates, though the transaction summary released today does not disclose a total company valuation, only the terms of the shares on offer. The offer opens on September 14, 2026, and closes on October 13, 2026, with proceeds set to fund growth capital expenditure. Investors must pay in full on application, and the minimum subscription is 10 shares, with further applications in multiples of 10. A retail investor incentive programme lets eligible investors receive up to two additional shares at no cost, if they hold the minimum required shareholding for the applicable period, subject to regulatory approval. In the event of oversubscription, the issuer may absorb up to 30% of the offer beyond its target size, subject to SEC approval, which raises the ceiling on how much retail demand the company can accept before scaling back allotments. The shares will rank pari passu with the refinery's existing ordinary shares and have been assessed as Shari'ah-compliant, a detail relevant to investors screening for Islamic finance criteria. The offer lists on the Main Board of the Nigerian Exchange, with dividends structured in US dollars even though shares are purchased in naira, according to earlier disclosures. Investors should treat the confirmed prospectus terms, not earlier valuation estimates, as the reference for price, minimum units, and offer period.

Dangote IPO