Dangote and Investment Banks Finalise ₦2.15tn Refinery Share Offer

Dangote Group and its appointed investment banks have signed the registration documents for the initial public offering of Dangote Petroleum Refinery and Petrochemicals, clearing another major step towards the company’s listing on the Nigerian Exchange.

The signing ceremony formalised an offer of 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the transaction will raise approximately ₦2.15 trillion, equivalent to about $1.6 billion.

The public offer is scheduled to open on September 14 and close on October 13, 2026. Trading in the refinery’s shares is expected to begin on the NGX in November, subject to the completion of the listing process.

Stanbic IBTC Capital, Vetiva Capital Management and FirstCap are among the financial advisers and issuing houses coordinating the landmark transaction.

Nigeria’s Securities and Exchange Commission has approved the offer and registered the refinery’s existing 120.13 billion ordinary shares.

Combining the new shares with the existing share capital places the refinery’s indicative valuation at approximately $49 billion, or more than ₦65 trillion at the offer price.

If successfully completed, the transaction could become the largest initial public offering recorded on an African stock exchange.

Aliko Dangote, Chairman of Dangote Group, described the listing as an opportunity to broaden ownership beyond governments and institutional investors.

He said the company’s “IPO for the people” was structured to allow ordinary Africans—including workers, drivers, cooks and managers—to own shares in the refinery.

Retail investors can participate with a minimum purchase of 10 shares, representing an initial subscription of ₦5,250.

Part of the proceeds will support plans to expand the refinery’s processing capacity from approximately 700,000 barrels per day to 1.4 million barrels per day by 2029.

The proposed expansion is estimated to cost $14.3 billion, meaning the money raised from the IPO will finance only a portion of the project. The company is expected to mobilise additional capital as the development progresses.

The listing will also test the depth of Nigeria’s capital market and investors’ appetite for large infrastructure and industrial assets.

While the size and strategic importance of the refinery could attract significant interest, investors will still need to evaluate its valuation, profitability, debt obligations, operational risks and exposure to changes in Nigeria’s energy and foreign-exchange policies.

The refinery, which began operations in 2024, has increased Nigeria’s domestic production of petrol, diesel, aviation fuel and other petroleum products while supporting exports to other markets.

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FirstCap Limited, a leading investment banking and capital markets advisory firm, has successfully structured and executed a ₦25 billion commercial paper (CP) programme for Lekki Gardens Estate Limited marking a major funding breakthrough for one of Nigeria’s biggest residential real-estate developers.

The programme, executed under First HoldCo Plc, positions FirstCap as Joint Issuing House and Placing Agent, enabling Lekki Gardens to access a consistent stream of short-term financing to support construction timelines, strengthen operations, and fast-track project completion.

According to a statement from FirstCap, the transaction reflects the company’s expanding influence in Nigeria’s debt-capital-markets ecosystem, where it continues to diversify issuer options, deepen liquidity, and expand fixed-income investment choices for institutional investors.

Future issuances under the CP programme are expected to fund Lekki Gardens’ working-capital requirements and general corporate needs, boosting the company’s capacity to scale ongoing real-estate developments across Lagos and other major cities.

Speaking on the achievement, FirstCap’s Managing Director, Ukandu Ukandu, said the deal showcases the firm’s commitment to delivering capital solutions that support long-term economic growth.

“Our work with Lekki Gardens demonstrates our ability to mobilise institutional capital, navigate regulatory frameworks, and structure financing that accelerates Nigeria’s development goals.

As demand for infrastructure continues to rise, we are focused on bridging the funding gap through innovative, investor-friendly instruments,” Ukandu stated.

With more than 20 years of transactional expertise across multiple sectors, FirstCap remains a major player in capital raising, mergers and acquisitions, and financial advisory, supporting businesses seeking scalable and efficient financing models.

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