Investors flooded the Nigerian Exchange on Monday as the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals recorded an unprecedented rush, attracting billions of naira in subscriptions within minutes of its official opening.
The milestone was announced during the opening gong ceremony at the NGX trading floor in Marina, Lagos, where top government officials, traditional leaders and key capital market operators gathered to mark the commencement of the public offer.
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, sounded the gong to formally open the N2.15tn IPO, making Dangote refinery the first petroleum refinery to be offered to investors on the stock market in the Exchange’s 66-year history.
The IPO comprises 4.1 billion ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The subscription window opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
The offer is open to retail, institutional, and eligible African investors.
Dangote urged Nigerians, including teachers, artisans, civil servants and students, to invest in the refinery, describing the offer as an opportunity for ordinary Nigerians and Africans to become part owners of the strategic asset.
“The Dangote refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset. We have built a refinery that is already delivering strong revenues, solid profitability, and significant value to the economy.
“By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren. This offer is designed to allow ordinary people to participate in an extraordinary success story and share in the long-term value that Dangote refinery will continue to create for decades to come,” he stated.
Dangote said the refinery IPO was also the beginning of a broader plan to list more companies within the group. “We fully share all our prosperity with the people. That’s why we call this a ‘People’s IPO.’ We know the journey has actually just started. It’s not only about the refinery,” Dangote said.
He added that the group intended to list all its operating entities in the future. “We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350bn,” he stated.
Dangote said the Nigerian Exchange would serve as the primary platform from which the group could pursue dual listings on other global exchanges. “From this exchange, then we can go to any other place. Nigeria and Africa are our base. We want to make sure that we join our continent,” he noted.
He said the IPO reflected the group’s philosophy of creating prosperity through broad ownership and enabling ordinary citizens to share in the success of transformational businesses.
“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated.
Dangote disclosed that the refinery generated approximately N19.47tn in revenue in the first half of 2026, while profit after tax stood at N2.55tn. At the offer price of N525 per share, the refinery is expected to have an implied market capitalisation of about N65.22tn.
When combined with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5tn on the Nigerian Exchange.
