LAGOS — President and Chief Executive Officer of Dangote Industries Limited, Alhaji Aliko Dangote, has described the public offering of shares in Dangote Petroleum Refinery and Petrochemicals as a historic opportunity for Nigerians and investors around the world to participate in the ownership and wealth creation of one of Africa’s biggest industrial projects.
Dangote spoke on Monday in Lagos during the “Facts Behind the Offer” presentation and opening gong ceremony marking the formal commencement of the refinery’s N2.2 trillion Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX).
The offer comprises 4.1 billion new ordinary shares priced at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The IPO is expected to close on October 13, 2026, subject to the terms and conditions contained in the prospectus.
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Describing the offering as a landmark development for Nigeria’s capital market and Africa, Dangote said the IPO would broaden ownership of the refinery and allow ordinary Nigerians to benefit from the value being generated by the massive industrial asset.
“It would enable ordinary Nigerians and investors globally to own shares in one of Africa’s major industrial projects,” Dangote said.
He explained that the decision to make shares available to the public was driven by the desire to ensure that the economic benefits generated by the refinery were not restricted to a small group of investors.
According to him, an asset of the refinery’s magnitude should create wealth for millions of people.
Dangote stressed that the IPO was not primarily intended to raise capital, noting that the group already had sufficient resources to fund its expansion plans.
He disclosed that the group had originally targeted raising $2.5 billion through a combination of a $1.5 billion IPO and a $1 billion private placement.
According to him, the private placement attracted applications of approximately $2.5 billion, far exceeding the $1 billion being offered.
He said the oversubscription resulted in about $1.2 billion being returned to investors after allocations were completed.
“We already met all our demands with the private placement. Coming back now to the IPO is actually about making sure that the public can get part of these benefits,” Dangote said.
Investors to Benefit From Dollar-Linked Revenues
Dangote said the public offering would give investors an opportunity to preserve and grow their wealth by gaining exposure to a company whose revenues are substantially linked to the US dollar.
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He said the structure could be particularly attractive to Nigerians with financial obligations abroad, including those paying school fees outside the country, because investors could potentially receive dividends in dollars.
The billionaire industrialist urged Nigerians and Africans to take advantage of the opportunity, expressing confidence that the refinery could become Africa’s largest company by the end of 2026.
“You are buying a future. It is a company that is not only about revenue, but profitability,” he said.
Dangote described the refinery as a world-class facility built to international standards and equipped with modern technology.
With a nameplate capacity of 650,000 barrels per day, the facility is currently supplying petroleum products to Nigeria while also targeting markets across Africa and internationally.
Dangote said the refinery had also become a significant supplier of aviation fuel to Europe, adding that its jet fuel production had already been sold out for August and September.
Petrochemical Expansion
The Dangote Group is also expanding its petrochemical operations, with plans to produce products including polypropylene, polyethylene and polystyrene.
Dangote said the expansion would create further opportunities for investors while supporting industries that rely on petrochemical products.
He also disclosed that the group was exploring opportunities outside Nigeria, including plans to establish a refinery in Lamu, Kenya.
According to him, the group’s international expansion is aimed at positioning African businesses to attract large-scale global investment.
“Africa is like a scratch card. Unless you scratch it, you don’t see the use of it. The opportunities are immense,” Dangote said.
He added that the broader objective was to open up opportunities for Africans and international investors to participate in what he described as a “new Africa rising.”
Dangote further highlighted the enormous potential of crude oil, noting that it could be converted into thousands of different products and stressing the importance of developing refining and petrochemical capacity across Africa.
He also pointed to the increasing number of aircraft being ordered globally, saying the aviation fuel market would continue to present significant opportunities because new refinery capacity was not being developed at the same pace as demand.
‘It’s a Historic Offer’ — Aig-Imoukhuede
Chairman of Access Holdings, Aigboje Aig-Imoukhuede, described the Dangote Refinery IPO as a historic transaction.
He noted that the refinery’s 650,000-barrel-per-day capacity makes it one of the largest single-train refineries in the world.
Aig-Imoukhuede also disclosed that significant investor interest had already been recorded, with billions of naira reportedly subscribed by thousands of investors shortly after the offer opened.
NGX: IPO Demonstrates Strength of Nigeria’s Capital Market
Chairman of NGX Group, Dr Umar Kwairanga, said the offering demonstrated the ability of Nigeria’s capital market to support businesses operating at a global scale.
Kwairanga said the offer of 4.1 billion ordinary shares at N525 per share, which is expected to raise approximately N2.15 trillion, represented one of the most significant transactions in the history of Nigeria’s capital market.
He said the transaction would provide an opportunity to demonstrate the market’s capacity to support large-scale enterprise while reinforcing investor confidence in its transparency, integrity and efficiency.
Kwairanga described Dangote Petroleum Refinery as one of Africa’s most significant industrial investments and a demonstration of what Nigerian enterprise could conceive, finance and execute.
He said deeper capital markets were essential to connecting African savings with African businesses capable of competing on the global stage.
“Transactions of this scale strengthen our proposition and demonstrate what our markets can achieve when capital, enterprise and ambition come together,” he said.
The NGX chairman urged Africans to become active participants in businesses and investment opportunities on the continent.
“Dangote has built Africa. Now, we are going to exercise our rights and be part and parcel of this huge investment as part owners of Dangote Refinery after this offer,” he said.
He commended Dangote, the board and management of the refinery for taking the company to the capital market, adding that the NGX had the capacity and resources to support more large-scale transactions.
IPO Designed for Broad Participation
Chief Executive Officer of Dangote Refinery, David Bird, said the offering was deliberately structured to encourage broad participation.
According to Bird, the objective was to make the IPO a “people’s IPO” by creating opportunities for Nigerians at home and in the diaspora, as well as Africans more broadly, to participate in the wealth created by the refinery.
He said the refinery represented an iconic industrial asset whose ownership could now be broadened through the capital market.
Over 100 Channels Available to Investors
Meanwhile, Group Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, said investors could access the Dangote Refinery IPO through more than 100 approved channels.
He said the NGX and other regulators and market operators had worked to ensure that investors could participate through banks, stockbrokers, fintech companies, mobile operators and Point-of-Sale (POS) operators.
Popoola said the multiple channels were designed to make participation in the landmark offering easier and more accessible to Nigerians.
The Dangote Refinery IPO is therefore expected to be closely watched by investors and market analysts as one of the largest public offerings ever undertaken in Nigeria, with its outcome potentially reshaping ownership and investment participation in one of Africa’s most important industrial assets.
