Nigeria: Dangote Sounds NGX Gong As Refinery IPO Opens

The Dangote Refinery is located in one of the Free Trade Zones in the country.

By Leah Ndagi

President of Dangote Industries Limited, Aliko Dangote, on Monday officially launched the Initial Public Offering(IPO) of Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange.

Dangote sounded the ceremonial gong on the trading floor of the Nigerian Exchange Group (NGX) in Lagos to mark the commencement of the offer, making the refinery the first of its kind to be listed through an IPO on the Nigerian stock market in the Exchange's 66-year history.

The offer, which opened on Monday, September 14, 2026, comprises 4.1 billion new ordinary shares priced at N525 per share.

Investors can subscribe for a minimum of 10 shares at N5,250, while the offer is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the prospectus.

Speaking at the ceremony, Dangote said the IPO was part of his group's broader plan to expand public participation in the ownership of its businesses.

"As a group, we will list every company that we operate," he said.

The offer provides retail, institutional and eligible African investors with an opportunity to acquire an equity stake in Dangote Refinery, which is Africa's largest oil refinery.

At N525 per share, the 4.1 billion shares on offer could generate approximately N2.15 trillion if fully subscribed.

The landmark ceremony was attended by Lagos State Governor, Babajide Sanwo-Olu, as well as associates, members of the Dangote family and other dignitaries, including two of Dangote's daughters.

The sounding of the NGX gong formally signalled the opening of the offer, allowing investors to commence subscription for shares in the refinery.

The IPO is expected to widen public participation in the ownership of the refinery while deepening activity and investment opportunities in Nigeria's capital market.

It also represents a significant development in the country's capital market, as the listing offers investors an opportunity to participate directly in the ownership of one of Africa's largest industrial assets.

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