President of Dangote Industries Limited, Alhaji Aliko Dangote, on Monday sounded the gong at the Nigerian Exchange to formally launch the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.
The ceremony, conducted on the NGX’s trading floor in Lagos, was the first time a refinery had been listed on the Nigerian stock exchange in its 66-year history.
The IPO, which began on Monday, September 14, 2026, offers 4.1 billion new ordinary shares at N525 each, with a minimum subscription of 10 shares at N5,250.
The offer is expected to close on October 13, 2026, subject to the parameters outlined in the prospectus.
Speaking at the occasion, Dangote stated that the IPO was part of his attempts to increase involvement in the ownership of his enterprises.
“We will lease every company that we operate,” he said.
The offer allows retail, institutional, and eligible African investors to own a stake in Africa’s largest refinery, Dangote Refinery.
The ceremony was attended by Lagos State Governor Babajide Sanwo-Olu, as well as associates and members of the Dangote family, including two daughters.
Dangote’s sounding of the NGX gong signaled the start of the offer, and investors can immediately begin purchasing shares in the refinery.
The IPO is planned to increase public ownership of the refinery and boost activity in Nigeria’s capital market.
The offering consists of 4.1 billion new ordinary shares, which, at N525 per share, could raise approximately N2.15 trillion if fully subscribed.
