N2.2tn IPO: Dangote Refinery targets 10 million Nigerian investors

The Dangote Petroleum Refinery and Petrochemicals (DPRP) has announced plans to raise approximately ₦2.15tn ($1.6bn) through an Initial Public Offering (IPO), targeting participation from as many as 10 million Nigerian investors.

The offer, scheduled to open on September 14, 2026, is expected to rank among the largest equity offerings in the history of Nigeria’s capital market.

The company said the subscription process would be technology-driven and integrated with the nation’s Bank Verification Number (BVN) system to enable investors across the country to participate securely and seamlessly.

To accommodate potential demand, the transaction includes an overallotment option of up to 30 per cent of the offer size.

Subject to the completion of the offer and receipt of all necessary regulatory approvals, DPRP’s shares will be listed on the Main Board of the Nigerian Exchange Limited (NGX).

The company said the public offer was designed to expand access to wealth creation and deepen retail participation in Nigeria’s capital market by allowing millions of Nigerians to acquire stakes in one of Africa’s major industrial assets.

Through the BVN-integrated subscription platform, investors will be able to participate digitally, with the process designed to reduce some of the traditional barriers associated with equity investment.

Speaking at the IPO signing ceremony, Aliko Dangote, GCON, Chairman of the Board of Directors of DPRP and Founder and President of Dangote Industries Limited, described the offering as a significant milestone for the refinery and Africa.

“Today’s signing ceremony marks another defining milestone in the evolution of DPRP. We set out to build a world-class refinery capable of transforming Nigeria’s energy landscape and strengthening Africa’s energy security. Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation.”

Dangote said the refinery represented a collective African achievement, adding that its impact extended beyond Nigeria.

He added: “This refinery means so much to our continent. From the man working in the Simandou mines, to the woman cultivating the fertile fields of Amhara, to the fisherman in Walvis Bay, and the custodians of our ancient history at the northern edge of Africa, this project represents a shared African achievement. Today is indeed a day of collective pride.”

The IPO is also expected to become one of the most significant efforts to broaden investment opportunities and increase retail participation in Nigeria’s capital market.

By using existing digital financial infrastructure and BVN verification, DPRP said it intends to make share ownership more accessible to first-time investors as well as experienced market participants across the country.

Dangote said the transaction underscores the company’s commitment to inclusive prosperity, wider ownership and sustainable national economic development.

“This offer presents Nigerians with a unique opportunity to become co-owners of a world-class refinery that is transforming Africa’s energy landscape. By simplifying the subscription process through BVN integration and digital application channels, we are opening the door for millions of citizens to participate in the growth story of this strategic national asset.”