The Dangote Petroleum Refinery and Petrochemicals FZE has opened its initial public offering (IPO), giving individual and institutional investors an opportunity to buy shares in Africa’s largest refinery.
The public offer opened on September 14, 2026, and will remain open until October 13, 2026. The Dangote Petroleum refinery is offering 4.1 billion ordinary shares at N525 each, with the offer capable of raising about N2.15 trillion if fully subscribed.
The minimum subscription is 10 shares, requiring an initial investment of N5,250. Further applications must be made in multiples of 10 shares, lowering the entry point for retail investors seeking exposure to the refinery through the Nigerian capital market.
The offer is a new share issue, meaning the proceeds will go to Dangote Petroleum Refinery rather than existing shareholders selling their holdings. The company plans to use the funds to support its expansion programme, including increasing refining capacity.
Dangote Refinery IPO Details
The Dangote Refinery IPO has an offer price of N525 per ordinary share and comprises 4.1 billion shares. At full subscription, the issue will raise approximately N2.1525 trillion, equivalent to about $1.6 billion.
The 4.1 billion shares represent about 3.3% of the company’s post-offer issued share capital rather than 10% of the company. The refinery is expected to have about 124.23 billion shares outstanding after the offer.
At the offer price, the refinery’s post-offer market capitalisation is estimated at about N65.22 trillion. The shares are expected to be admitted to the Main Board of the Nigerian Exchange (NGX) after completion of the offer process.
The IPO is also structured to accommodate large-scale retail participation. The transaction advisers have previously said the company is targeting millions of individual investors, with the minimum subscription deliberately set at 10 shares.
Dangote Group President Aliko Dangote described the offering as an opportunity for ordinary Nigerians, including workers and small traders, to acquire an ownership interest in the refinery.
How to Buy Dangote Refinery Shares
Investors interested in the Dangote Refinery IPO can subscribe through approved banks, fintech platforms, mobile-money operators, stockbrokers and NGX Invest. The refinery has published a list of approved channels and warned investors against using unauthorised platforms.
Digital applications can be completed through participating platforms such as Cowrywise and PremiumTrust Bank, while investors with the required securities accounts can also apply through approved capital-market channels.
For retail investors, the basic process is to select an approved platform, enter the number of shares required, provide the necessary identification and investor details, make payment and receive confirmation of the application.
The minimum application of 10 shares costs N5,250. An investor seeking 100 shares, for example, would need N52,500 before any applicable charges.
Investors should rely on the approved subscription channels rather than sending money to individuals or unofficial agents. The Securities and Exchange Commission previously warned investors against premature Dangote Refinery share solicitations before the IPO received regulatory approval.
Refinery Returns to Profitability
The Dangote Refinery IPO comes as the refinery’s financial performance has improved sharply following the start-up and scaling of its operations. Dangote Petroleum Refinery reported revenue of about $13.9 billion and profit after tax of $1.82 billion in the first half of 2026. The result marked a turnaround from losses recorded during the refinery’s construction and ramp-up period.
The company also recorded EBITDA of about $2.6 billion during the first half, while average utilisation increased as production moved closer to the refinery’s available capacity. The improvement has changed the financial profile investors will be assessing through the IPO. The refinery generated $12.3 billion in revenue in 2025, up 94.6% from the previous year, while EBITDA moved into positive territory at $545.3 million.
The facility currently has a nameplate refining capacity of about 700,000 barrels per day. Dangote plans to increase this to approximately 1.4 million barrels per day as part of its next expansion phase.
IPO Proceeds to Fund Expansion
The N2.15 trillion Dangote Refinery IPO is intended to provide growth capital for the refinery’s expansion rather than simply providing an exit for existing shareholders. The company expects about N2.11 trillion in net proceeds after offer costs, according to prospectus-related investment data. The expansion programme will require substantially more capital, with the broader investment plan estimated at about $14.3 billion.
The planned expansion would increase the refinery’s capacity to about 1.4 million barrels per day by 2029. Dangote has also said the company aims to make the refinery the world’s largest by 2028 as its capacity and related operations expand.
The IPO therefore gives investors exposure not only to the refinery’s existing operations but also to the financial performance of its planned expansion.
Debt Position and Ownership
The Dangote refinery has also reduced its secured debt ahead of the public offer. Prospectus-related data shows secured debt fell from about $6.24 billion to $5.67 billion during the first half of 2026, while the reported net debt-to-EBITDA ratio was about 0.27 times.
Existing shareholders will continue to hold the majority of the company after the IPO. NNPC Limited’s holding before the offer was about 6.8%, according to prospectus-based ownership data. The structure also includes an anchor commitment of up to $400 million from Pan-African Refinery Investment SPV, equivalent to about a quarter of the base offer.
Retail Investors Offered Bonus Share Incentive
The prospectus also provides a Retail Investor Incentive Programme designed to encourage investors to retain their shares after the IPO.
Eligible retail investors who satisfy the applicable holding requirements may receive up to two additional shares at no cost. The incentive is tied to the conditions contained in the offer documentation and applicable regulatory approvals.
The shares have also received a Shariah-compliance assessment, potentially making the offer accessible to investors and funds that apply Islamic investment screening criteria.
Risks Investors Need to Consider
The size of the refinery and its recent profit growth do not remove the risks associated with buying its shares.
The business remains exposed to crude oil prices, refining margins, foreign-exchange movements, operating costs and the ability to execute its large expansion programme. The Dangote IPO proceeds also cover only part of the estimated $14.3 billion expansion cost, leaving the company dependent on internally generated cash, debt and other financing sources for the remainder.
The company’s prospectus has also disclosed pending litigation. Nine material cases involve claims of about N4.08 billion and $216.12 million, although the company’s legal advisers said the cases were unlikely to have a material adverse effect on the company or its ability to meet its obligations under the IPO.
For investors, the Dangote Refinery IPO therefore combines a large established industrial asset, a sharp improvement in profitability and an ambitious expansion plan with the risks associated with commodity markets, capital-intensive operations and a new stock-market listing.
The Dangote Refinery IPO will remain open until October 13, giving investors 30 days to assess the offer documents and submit applications through approved channels.