The Dangote Refinery IPO has officially opened on the Nigerian Exchange (NGX), giving investors an opportunity to own a stake in Africa’s largest oil refinery. The offer, which opened on Monday, September 14, 2026, comprises 4.1 billion ordinary shares priced at N525 per share and will run until October 13. Investors can subscribe to a minimum of 10 shares, valued at N5,250.
If fully subscribed, the IPO is expected to raise approximately N2.15 trillion, making it one of the biggest fundraising exercises in Nigeria’s capital market. The proceeds are expected to support the refinery’s expansion and broader operations as the company continues to scale its activities. The offer is open to retail and institutional investors, as well as eligible African investors.
Aliko Dangote, President of Dangote Industries Limited, formally opened the offer by sounding the gong at the NGX in Lagos. Describing the transaction as the “People’s IPO,” Dangote said the offering was designed to give ordinary members of the public an opportunity to participate in the ownership of the refinery and share in its future growth.
Beyond the refinery, Dangote also outlined an ambitious growth plan for the wider Dangote Group. He said the group is targeting a market capitalisation of at least $350 billion by 2030, based on a 10-times price-to-earnings valuation. According to him, the group has allocated about $46 billion for expansion projects and plans to list its operating companies as part of its long-term strategy.
Dangote further revealed that the refinery could pursue a listing outside Africa within the next three to four years, positioning the Nigerian capital market as the foundation for future international listings. With the IPO now officially underway, investors will be watching closely to see whether the offer achieves its N2.15 trillion target and how the listing could reshape Nigeria’s capital market and energy sector.
source: The cable
