Dangote: N2.2trn refinery IPO will spread wealth to millions
By Felix Uroko
Africa's richest industrialist, Aliko Dangote, has described the N2.2 trillion Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals as a historic opportunity for Nigerians and investors worldwide to own a stake in one of Africa's biggest industrial projects.
Dangote spoke in Lagos during the “Facts Behind the Offer” presentation and opening gong ceremony held to formally launch the refinery's IPO on the Nigerian Exchange (NGX).
The offer comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares costing N5,250.
The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
‘This is about sharing wealth’
Dangote, President and Chief Executive Officer of Dangote Industries Limited, said the decision to take the refinery to the public market was not primarily driven by the need to raise money.
He said the group had initially planned to raise $2.5 billion, comprising $1.5 billion through the IPO and $1 billion through a private placement.
However, the private placement attracted applications of about $2.5 billion, far exceeding the $1 billion targeted.
Dangote said the strong demand resulted in about $1.2 billion being returned to investors after allocations.
“We already met all our demands with the private placement. Coming back now to the IPO is actually about making sure that the public can get part of these benefits,” he said.
According to him, the public offer is intended to broaden ownership of the refinery and allow millions of people to participate in the value created by the business.
“An asset of this magnitude should not create value for only a very few people. It should create value for millions of people, not only Nigerians, but all over the world.”
Investors to benefit from dollar-linked revenues
Dangote said the IPO would provide investors with an opportunity to preserve and grow their wealth through exposure to a business with largely dollar-linked revenues.
He said this could be particularly useful to Nigerians with financial obligations abroad, noting that investors would receive dividends in dollars.
“You are buying a future. It is a company that is not only about revenue, but profitability,” he said.
Dangote also predicted that the refinery could become Africa's largest company by the end of 2026.
Refinery targets global markets
The Dangote Refinery, with a nameplate capacity of 650,000 barrels per day, is positioned to supply Nigeria's domestic market while serving African and international markets.
Dangote said the facility had become a major supplier of aviation fuel to Europe, with its jet fuel production sold out for August and September.
He also disclosed plans to expand the group's petrochemical operations, including the production of polypropylene, polyethylene and polystyrene.
The businessman said Dangote Industries was also exploring opportunities outside Nigeria, including plans for a refinery in Lamu, Kenya.
He urged Africans to take advantage of the continent's investment opportunities, describing Africa as a market with enormous untapped potential.
‘It’s a historic offer’ — Aig-Imoukhuede
Chairman of Access Holdings, Aigboje Aig-Imoukhuede, described the IPO as historic.
He highlighted the refinery's 650,000-barrel-per-day capacity and said the scale of investor interest demonstrated the strong appetite for the offer.
NGX: IPO shows strength of capital market
Chairman of NGX Group, Umar Kwairanga, said the transaction demonstrated the ability of Nigeria's capital market to support businesses operating at global scale.
He described the N2.15 trillion offer as significant in both size and importance, saying it would provide an opportunity to demonstrate the transparency and efficiency of the Nigerian capital market.
“Transactions of this scale strengthen our proposition and demonstrate what our markets can achieve when capital, enterprise and ambition come together,” Kwairanga said.
He urged Africans to become active participants in businesses and investments across the continent.
He urged Africans to become active participants in businesses and investments across the continent.
Over 100 channels available to investors
Dangote Refinery CEO David Bird said the IPO was designed to encourage broad participation, including Nigerians in the diaspora and investors across Africa.
NGX Group CEO Temi Popoola said investors could access the offer through more than 100 approved channels.
According to Popoola, banks, stockbrokers, fintech companies, mobile operators and POS operators have been enabled to provide multiple channels for investors to participate in the landmark offer.
The IPO is now open to eligible investors as the Dangote Refinery seeks to broaden its ownership base and deepen its participation in Nigeria's capital market.
