Aliko Dangote on Monday officially opened the N2.15tn Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals by sounding the gong at the Nigerian Exchange in Lagos.
The IPO offers 4.1 billion new ordinary shares at N525 each. Investors can subscribe for at least 10 shares, worth N5,250. The offer runs from September 14 to October 13, 2026, subject to the prospectus terms.
The deal makes Dangote Refinery the first refinery offered to investors on Nigeria’s stock market in the NGX’s 66-year history. It is open to retail, institutional and eligible African investors.
Dangote said the offer was designed to widen public ownership of the company and would be the start of more listings by the Dangote Group.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.
“It’s not only about the refinery.”
He recalled his role in efforts to transform and democratise the Nigerian Exchange.
“Mr Chairman, CEO and other managers of the Stock Exchange, the Stock Exchange is something that I have actually been fully involved with the transformation,”
Dangote also said the group would list every company it operates in future. He projected that its market value could reach at least $350bn by 2030 at a 10 times P/E ratio.
“From this exchange, then we can go to any other place.
“So, Nigeria and Africa is our base. We want to make sure that we join our continent.
“Thank you very, very much.”
The refinery is located in Lagos’ Lekki Free Zone. Lagos Governor Babajide Sanwo-Olu, NGX Chairman Umaru Kwairanga, Ooni of Ife Oba Adeyeye Enitan Ogunwusi Ojaja II, Jim Ovia, Devakumar V.G. Edwin and members of the Dangote family attended the ceremony.
