Dangote Refinery Opens ₦2.15trn Public Offer, Offers 4.1bn Shares at ₦525 Each. September 7, 2026.
Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) has announced an Initial Public Offer (IPO) of 4.1 billion ordinary shares to the investing public, in a major move aimed at broadening public participation in the ownership and growth of one of Africa’s largest refineries.
The offer announced on Tuesday, priced at ₦525 per share, has a target issue size of ₦2.1525 trillion and is scheduled to open on September 14, 2026, closing on October 13, 2026. The shares are proposed for listing on the Main Board of the Nigerian Exchange Limited (NGX).
According to the offer details, the minimum subscription is 10 ordinary shares, with subsequent subscriptions to be made in multiples of 10 shares. The offer will be conducted at a fixed price, with payment required in full upon application.
The company said proceeds from the offer would be used to fund growth capital expenditure, positioning the transaction as an opportunity to mobilise additional capital for the refinery and petrochemical business while giving Nigerian investors an opportunity to participate in its future growth.
The offer also provides an incentive for eligible retail investors. Under the Retail Investor Incentive Programme, qualifying investors may receive up to two additional shares at no additional cost, subject to maintaining the prescribed minimum shareholding for the applicable holding periods and obtaining the requisite approvals.
In the event of an oversubscription, the issuer may absorb up to 30 per cent of the offer, subject to the approval of the Securities and Exchange Commission (SEC). Retail investors are expected to apply electronically, while qualified investors may apply electronically or through an investor application form.
The ordinary shares being offered will rank pari passu in all respects with the existing issued ordinary shares of the issuer. The offer has also been assessed as Shari’ah-compliant, based on an independent Shari’ah assessment and applicable screening criteria.
The transaction is expected to deepen participation in Nigeria’s capital market by providing retail and institutional investors with access to an equity opportunity linked to the country’s expanding refining and petrochemical industry.
With the offer period running from September 14 to October 13, 2026, the transaction is set to be closely watched by investors, businesses and capital-market stakeholders as the Dangote Refinery seeks to raise growth capital while expanding public ownership.
