The much-awaited initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) opens today for public subscription with high expectations for an offer that promises to reshape not only Nigeria but entire Africa’s capital market ecosystem.
DPRP is offering 4.1 billion ordinary shares at N525 per share, representing initial offer value of N2.15 trillion. Minimum subscription is 10 units or N5,250, and thereafter in multiples of 10 units. The application list, which opens today, will close on October 13, 2026.
In the event of oversubscription, DPRP could allot additional shares up to 1.23 billion shares or about N645.75 billion, under a 30 per cent oversubscription provision approved by the Securities and Exchange Commission (SEC).
President and Chief Executive Officer, Dangote Group, Alhaji Aliko Dangote, said the IPO’s minimum subscription was strategically set at 10 ordinary shares of N5,250 to enable broad-based participation by retail and institutional investors while deepening public ownership of one of Africa’s most transformative industrial assets.
According to him, the offer is not just about raising fund but also carry along all Nigerians with drivers, cleaners, housemaids and the likes having the opportunity to be part owner of the refinery
‘This IPO is not only about raising capital; it is about democratizing wealth creation, broadening participation in Africa’s industrial future and giving millions of investors the opportunity to own a stake in a world-class enterprise, it’s a legacy we are laying down, nobody will live forever,’ Dangote said.
The landmark public offer places a valuation of close to $50 billion on Dangote Petroleum Refinery and Petrochemicals and is expected to provide the capital required to finance the expansion of the refinery’s production capacity from 700,000 barrels per day to 1.4 million barrels per day. Situated on a sprawling 6,180-acre complex in the Lekki Free Zone, the refinery is reputed as the largest single-train refinery in the world.
Industry stakeholders have described the offer as potentially the largest retail investment drive ever undertaken on the continent, positioning it as a watershed moment for both Nigeria’s capital market and Africa’s industrial landscape.
Beyond raising capital, the IPO is expected to broaden participation in one of the continent’s most strategic energy assets, deepen market liquidity, and create a new generation of shareholders in a business widely regarded as a catalyst for Africa’s energy security and economic transformation.
Analysts said eventual listing of the refinery on the Nigerian Exchange later this year could significantly reshape the country’s capital market landscape, potentially increasing the exchange’s total market capitalization by more than one-third.
Investor appetite for the refinery has been evident in recent months. In July, the company raised $2.5 billion through a private placement targeted at institutional investors and high-net-worth individuals, with demand exceeding the offer size by 270 per cent. Market observers believe substantial unmet demand from that exercise could flow into the public offering.
Market experts believe the success of the Dangote Refinery IPO could establish a new benchmark for large-scale public offerings in Africa, while encouraging other major Nigerian enterprises to access long-term capital through public listings.
The public offer is expected to benefit from improving investor sentiment towards Nigeria following the country’s reinstatement to Frontier Market status by FTSE Russell. The development is anticipated to enhance foreign portfolio inflows and strengthen international investor participation in the capital market.
The IPO is intended to broaden DPRP’s ownership base and raise additional equity capital to support the company’s growth and strategic objectives.
DPRP operates one of the world’s largest integrated refining and petrochemicals complexes, with a refining throughput capacity of approximately 700,000 barrels per day and polypropylene production capacity of approximately 830,000 tonnes per annum.
DPRP recently launched expansion programme, which is expected to double its capacity to 1.4 million barrels per day, positioning it to become the world’s largest refinery.
DPRP had estimated it could surpass annual turnover of $55 billion under the ongoing expansion plan.
Dangote, at a recent briefing had reaffirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX), describing it as part of efforts to democratise ownership and allow Nigerians to share in the value creation.
‘Our main listing will be here in Nigeria to give Nigerians value. We want the Dangote Refinery to be the golden stock of the Exchange. Listing outside Nigeria is secondary to us. We want this to be a national asset in every sense. This is a step towards broader ownership and market transparency. Therefore we call on all Nigerians to seize this window, to benefit from this golden opportunity. Our long-term goal remains clear: to build Africa’s leading integrated energy and petrochemical hub, the first of its kind on the continent,’ Dangote said.
He said the refinery’s strong cash flow, profitability prospects and strategic positioning would make it attractive to both local and global investors.
At a world press conference in Lagos, Dangote said the decision to expand the refinery capacity was driven by enabling environment created by President Bola Tinubu’s reforms and emerging opportunities across Africa.
According to him, with growing regional demand for cleaner fuels and Nigeria’s evolving policy environment that encourages local refining, the $20 billion facility, already the largest single-train refinery in the world, will more than double its capacity within the next three years, making it a global leader in petroleum refining and a major driver of Africa’s industrial renaissance.
He said the refinery will also expand its polypropylene production capacity from 900,000 metric tonnes to 2.4 million metric tonnes per annum, further boosting the output of linear alkylbenzene, a key ingredient in detergent manufacturing, along with additional production of base oils.
He said: ‘With this expansion, the refinery transitions from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks. We will also expand our power generation capacity to 1,000 megawatts, ensuring complete operational self-sufficiency. More than 85 per cent of our workforce will be Nigerians, with continuous investment in skills development and technology transfer. Our commitment to safety, sustainability and local participation remains unwavering throughout every phase of the expansion’.
He said the expansion reflected the group’s belief in Africa’s potential to achieve energy security and transform its economy from being an exporter of raw crude to a hub for refined petroleum products.
He estimated that the refinery’s revenue could exceed $55 billion annually, making it one of the most valuable industrial assets on the African continent.
‘This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential and our commitment to building energy independence for our continent and the world. It also is about confidence in Nigeria, in Africa and in our capacity to shape our own energy future.
‘It is the dream of President Bola Ahmed Tinubu GCFR, for Nigeria to emerge as one of the major suppliers of petroleum products in the world. And with his strong backing through his policies, we are taking on the challenge to make this happen,’ Dangote said.
He said the expansion would be executed over the next three years and would be financed through a mix of cash flow, public listing and strategic investors. When completed, the refinery will surpass India’s Jamnagar Refinery, currently the world’s largest facility, cementing Nigeria’s position as a global refining hub.
Highlighting the economic impact of the project, Dangote said the expansion would further strengthen Nigeria’s energy security, reduce foreign exchange outflows, and save the country billions of dollars annually that would otherwise go into importing refined products.
He said: ‘This expansion will create additional jobs, support thousands of SMEs, and deepen our industrial base. Our goal has never been just to refine oil, but to refine opportunities for our people. It is a vote of confidence in Nigeria, in the reforms of President Bola Ahmed Tinubu’s administration, and in the ability of Africans to build and manage world-class infrastructure’.
He expressed gratitude to President Tinubu and the Federal Government for supporting industrialisation policies such as Nigeria’s First, Naira-for-Crude and the ‘One-Stop Shop’ initiatives, which he said have emboldened investors to take on transformative projects.
He also commended the government’s intervention in mediating recent disruptions at the refinery linked to union activity and sabotage attempts, calling it a demonstration of effective collaboration between the public and private sectors.
Despite not yet recouping the initial investment in the 650,000 bpd phase, Dangote said the group is focused on long-term transformation rather than short-term returns.
He said: ‘Refining is a long-term project. We are expanding because we believe in Africa. Without this refinery, Nigeria would still be buying dollars at ridiculous rates and depleting our reserves to import fuel’.