₦2.2Trn IPO: Dangote Refinery targets 10 million subscribers
***** Nigerians to Buy Shares Using BVN
The Dangote Petroleum Refinery and Petrochemicals (DPRP) has announced plans for a landmark Initial Public Offering (IPO) valued at approximately ₦2.15 trillion (US$1.6 billion), targeting up to 10 million Nigerian investors.
The subscription process will be technology-driven and integrated with Nigeria’s Bank Verification Number (BVN) system to enable secure and seamless participation.
The IPO is scheduled to open on September 14, 2026, and is expected to rank among the largest equity offerings in Nigeria’s capital market history.
To accommodate strong investor demand, the offer includes an overallotment option of up to 30 percent of the offer size. Subject to the completion of the offer and all required regulatory approvals, the company’s shares will be listed on the Main Board of Nigerian Exchange Limited (NGX).
The public offer is designed to widen access to investment opportunities and deepen participation in Nigeria’s capital market. It will give millions of Nigerians the opportunity to acquire shares in one of Africa’s most significant industrial assets.
Through the BVN-integrated subscription platform, investors across the country will be able to participate digitally, securely and transparently, reducing some of the traditional barriers to investing in shares.
Speaking at the IPO signing ceremony, Aliko Dangote, GCON, Chairman of the Board of Directors of DPRP and Founder and President of Dangote Industries Limited, described the transaction as a major milestone for the company and Africa.
“Today’s signing ceremony marks another defining milestone in the evolution of DPRP. We set out to build a world-class refinery capable of transforming Nigeria’s energy landscape and strengthening Africa’s energy security.
“Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation.”
Dangote said the refinery represents a significant achievement for Africa and a source of collective pride across the continent.
“This refinery means so much to our continent. From the man working in the Simandou mines, to the woman cultivating the fertile fields of Amhara, to the fisherman in Walvis Bay, and the custodians of our ancient history at the northern edge of Africa, this project represents a shared African achievement.
“Today is indeed a day of collective pride.”
The IPO is also aimed at increasing retail participation in Nigeria’s capital market by making share ownership more accessible to both first-time and experienced investors.
According to Dangote, the transaction reflects the company’s commitment to inclusive prosperity, wider ownership and long-term economic development.
“This offer presents Nigerians with a unique opportunity to become co-owners of a world-class refinery that is transforming Africa’s energy landscape.
“By simplifying the subscription process through BVN integration and digital application channels, we are opening the door for millions of citizens to participate in the growth story of this strategic national asset.”
