Dangote Refinery Sets IPO Price at $0.40 Per Share After SEC Approval

BREAKING NEWSSeptember 4, 2026 at 4:31 PM UTC

TLDR

Dangote Petroleum Refinery secures approval to sell 4.1 billion shares at ₦525 each for potential $1.5 billion IPO.
SEC registration clears way for completion board meeting and signing ceremony prior to opening sale.
Proceeds from IPO to support plans to double refining capacity and expand markets to Africa and Europe.

Dangote Petroleum Refinery has received approval from Nigeria’s Securities and Exchange Commission to sell 4.1 billion shares at ₦525 ($0.40) each, clearing the way for an initial public offering that could raise about ₦2.15 trillion, or $1.6 billion. The order book is expected to open on September 14, putting the company on course for one of Africa’s largest public offerings.

The SEC also registered the refinery’s existing 120.13 billion ordinary shares and cleared its draft offer documents. The company can now hold its completion board meeting and signing ceremony before opening the sale. The offer includes a 15% greenshoe option, allowing additional shares to be sold if investor demand exceeds the initial allocation.

The IPO follows a $2.5 billion private placement completed in July that valued the refinery at about $40 billion and attracted demand worth 3.7 times the shares available. Dangote also completed a $1 billion underwriting programme in August, comprising a funded $600 million private placement and a $400 million commitment supporting the public offer.

Proceeds will help fund plans to increase refining capacity to 1.4 million barrels a day from 650,000 barrels. The Lagos facility has tested output of 700,000 barrels a day and includes a 900,000-ton-a-year polypropylene plant and a 435 MW power station. It supplies Nigeria and exports refined products to other African markets and Europe.

Aliko Dangote has said the IPO is intended to broaden ownership among Nigerian and African investors. The group is also planning a 700,000-barrel-a-day refinery in Kenya and is considering other African listings for the Nigerian refinery after its Lagos debut. A foreign listing in London is not expected for at least 3 years.

Visit our Dangote IPO information hub to learn more about the public issuance.

Key Takeaways

SEC approval moves the Dangote Refinery IPO from planning into execution and gives investors the first firm terms for the offering. At ₦525 per share, the sale of 4.1 billion shares would raise about ₦2.15 trillion before any greenshoe option is used. That is smaller than earlier reports that the company could seek as much as $5 billion, showing that the public offer may form only one part of a wider financing plan that already includes the $2.5 billion July placement and $1 billion underwriting programme. The refinery needs capital because Dangote plans to double capacity to 1.4 million barrels a day while also funding expansion outside Nigeria. The offer will test the depth of Nigeria’s capital market. A transaction of this size will require participation from pension funds, institutions, wealthy investors and retail buyers. It could also give the NGX a listed company with a value that ranks among the largest on the exchange. The July private placement valued the refinery at about $40 billion, so investors will watch whether the public market supports that level. Beyond fundraising, the IPO will turn one of Nigeria’s largest private industrial assets into a company with public shareholders, disclosure requirements and a market price.

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