Africans Can Own Dangote Refinery Shares with ₦5,250 Minimum Investment
Dangote Petroleum Refinery and Petrochemicals is opening its ownership to retail investors across Nigeria and other African markets through an initial public offering expected to raise about ₦2.15 trillion.
Under the offer, the company will sell 4.1 billion ordinary shares at ₦525 per share. Investors must purchase a minimum of 10 shares, placing the lowest subscription amount at ₦5,250.
The public offer is scheduled to open on September 14 and close on October 13, 2026. The shares are expected to begin trading on the Nigerian Exchange in November, subject to the completion of the listing process.
Nigerian retail investors will be able to submit applications through a designated electronic platform, while qualified investors in other African countries will use a separate distribution channel.
The Securities and Exchange Commission has reportedly approved the offer, which is expected to become Africa’s largest initial public offering if fully subscribed.
Dangote Refinery is projected to raise approximately ₦2.1525 trillion before expenses. After estimated transaction costs of ₦41.49 billion, the company expects to retain about ₦2.111 trillion.
The net proceeds will support part of the refinery’s proposed expansion programme.
Dangote currently operates refining capacity of about 700,000 barrels per day and plans to add another 700,000 barrels, potentially increasing total capacity to approximately 1.4 million barrels per day by 2029.
The expansion is estimated to cost $14.3 billion. Because the IPO proceeds will cover only part of the projected expenditure, the company will require additional financing as construction progresses.
The share price places Dangote Refinery’s indicative market capitalisation at about ₦65.22 trillion upon listing, compared with a stated pre-listing valuation of approximately ₦63.07 trillion.
For Aliko Dangote, the offer is designed to raise long-term growth capital while giving more Africans an opportunity to hold shares in one of the continent’s largest industrial assets.
However, prospective investors will need to examine the final prospectus, the company’s earnings, operational risks, expansion costs and the valuation attached to the business before subscribing.
The refinery began operations in 2024 and has since expanded Nigeria’s domestic production of petrol, diesel, aviation fuel and other petroleum products. It also exports refined products to African and international markets.
The public offer represents a significant shift in the ownership structure of the privately developed refinery and could deepen retail participation in Nigeria’s capital market.
