Dangote Petroleum Refinery and Petrochemicals on Monday opened its initial public offering, the largest equity sale in African history, giving ordinary investors the chance to own a stake in the continent’s biggest oil refinery.
The offer comprises 4.1 billion new ordinary shares priced at 525 naira each, with a minimum subscription of 10 shares valued at 5,250 naira. It is expected to raise approximately 2.15 trillion naira if fully subscribed and will remain open until October 13.
A formal launch ceremony took place on the trading floor of the Nigerian Exchange in Lagos. Proceeds will support the refinery’s expansion plans, including doubling its capacity from the current 700,000 barrels per day to 1.4 million barrels per day.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the listing as a landmark moment.
“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation,” he said.
Dangote has repeatedly emphasised broad public participation. “There is no segregation on who can own these shares. We want everyone … to own a share,” he stated at a signing ceremony last week.
The offer targets retail, institutional and eligible African investors and values the refinery at around 47 billion dollars. Shares are expected to begin trading on the Nigerian Exchange in late November.
