Standard Bank Group executives during a visit to the Dangote Petroleum Refinery in Lagos.
President of Dangote Industries Limited, Aliko Dangote, says the planned public offering of the Dangote Refinery will give ordinary Nigerians an opportunity to own shares in the facility
Dangote made the announcement on Monday, at the signing ceremony for the refinery’s Initial Public Offering (IPO) in Lagos.
He said the offer was designed to allow people across different income groups to take a stake in the business.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” he said.
The refinery plans to offer 4.1 billion ordinary shares at ₦525 each, in what the company described as one of the largest transactions in Nigeria’s capital market.
The Securities and Exchange Commission has approved the IPO, while a company official said the refinery is expected to list on the Nigerian Exchange Group on 14 September.
The offer marks the refinery’s first public share sale since it was commissioned in 2023.
The facility, located in the Lekki Free Zone in Lagos, was built over nearly a decade at an estimated cost of about $20 billion.
With a stated refining capacity of 650,000 barrels per day, the Dangote Refinery is Africa’s largest single-train refinery.
The company plans to use proceeds from the IPO to support further expansion of the facility.
It also completed a $2.5 billion private placement in July as part of its broader capital-raising efforts.
At the IPO price of ₦525 per share, the refinery’s implied valuation is about $47 billion.
If the offer is fully subscribed, the listing could significantly increase the overall market capitalisation of the Nigerian Exchange.
The company also plans to attract institutional and retail investors by offering dividends in US dollars, using foreign exchange earnings from refined petroleum products and petrochemical exports.
The refinery currently supplies a significant share of Nigeria’s petrol market, while its future performance will depend on factors including crude oil supply, export demand and refining margins.
The IPO will also provide an indication of investor appetite and liquidity in Nigeria’s domestic capital market for large-scale industrial investments.
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