Dangote Petroleum Refinery and Petrochemicals FZE has opened its N2.15 trillion public share offer today, Monday, September 14, 2026, giving retail and institutional investors an opportunity to acquire a stake in Africa’s largest oil refinery.
The company is offering 4.1 billion ordinary shares at N525 per share with investors permitted to subscribe for a minimum of 10 shares, representing an entry investment of N5,250.
The offer, which represents the largest initial public offering in Africa, is scheduled to remain open until October 13, 2026.
The opening marks the transition of the long-awaited transaction from regulatory approval and pre-offer preparations to actual investor subscriptions.
Dangote Refinery IPO official portal
Investors Can Subscribe From Today
Investors interested in participating can now submit applications through Securities and Exchange Commission-approved receiving agents and electronic application channels.
The refinery’s official IPO platform advises investors to use only approved subscription channels and to review the prospectus before committing funds.
The relatively low minimum subscription is designed to broaden participation beyond institutional and high-net-worth investors.
At N525 per share, an investor buying the minimum 10 shares would commit N5,250, while 100 shares would cost N52,500, 1,000 shares would require N525,000 and 10,000 shares would amount to N5.25 million.
Dangote has positioned the transaction as an opportunity to bring ordinary investors into the ownership structure of a business that has become increasingly important to Nigeria’s energy industry.
N2.15tn Offer Sets New African IPO Record
If all 4.1 billion shares offered are subscribed at N525 each, the base transaction would raise approximately N2.15 trillion, or about $1.6 billion at prevailing exchange rates.
Reuters reports that the transaction values Dangote Refinery at approximately N63 trillion, or $47.59 billion.
The size puts the offer well beyond conventional Nigerian public offerings and makes its eventual listing particularly consequential for the Nigerian Exchange.
The shares are expected to begin trading on the NGX after completion of the offer, allotment and other regulatory processes. Reuters reported that secondary-market trading is expected in late November, although the refinery’s official IPO portal currently lists the formal listing date as “to be confirmed.”
Dangote Refinery Reports $1.82bn H1 Profit
The offer is opening against a significantly stronger financial backdrop for the refinery.
Dangote Refinery generated more than $13 billion in revenue during the first half of 2026 and recorded $1.82 billion in net profit, according to financial information reported by Reuters.
The performance represents a major turnaround from the loss recorded in the previous year as higher utilisation and stronger international petroleum-product markets improved the refinery’s operations.
The facility, which began production in 2024 after approximately $20 billion was invested in its development, is currently operating at around 700,000 barrels per day.
Its products include petrol, diesel and aviation fuel, with the refinery increasingly supplying both Nigerian consumers and international markets.
IPO to Support Expansion to 1.4 Million Bpd
Capital raised from the public offer will support Dangote’s broader expansion programme.
The company plans to double the refinery’s processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029, potentially placing the facility among the world’s largest refining complexes.
The expansion comes as the refinery is already increasing its appetite for Nigerian crude.
It has secured at least 16 million barrels of Nigerian crude for October delivery, equivalent to roughly 520,000 barrels per day, as it operates closer to capacity.
The growing domestic crude requirement is also changing Nigeria’s petroleum market by creating stronger competition between local refining demand and traditional crude exports.
NGX Faces Major Liquidity Test
Beyond Dangote Refinery itself, the N2.15 trillion offer represents an important test for Nigeria’s capital market.
The transaction is unusually large relative to normal trading activity on the NGX, raising questions about where subscription funds will originate.
Some investors could deploy existing cash holdings, while institutions may rebalance portfolios or sell other securities to participate. New money from retail investors, diaspora Nigerians and investors currently outside the equity market could limit the amount of liquidity withdrawn from existing listed stocks.
That distinction will become increasingly important during the month-long subscription period.
The opening of the offer today therefore begins more than a capital raise for Dangote Refinery. It starts a major test of the depth of Nigeria’s domestic investment market and its capacity to finance one of the country’s largest industrial businesses through public equity.
