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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FMDQ Securities Exchange Limited has approved the listing of the ₦11.50 billion 10-year 17.25 per cent Series 1 Fixed Rate Bond issued by Nigeria Mortgage Refinance Company Plc (NMRC) under its ₦440 billion Medium Term Note Programme.

The listing was announced on Monday as part of efforts to deepen housing finance and expand access to affordable mortgages in Nigeria.

The bond issuance was sponsored by Stanbic IBTC Capital Limited, a Registration Member (Listings) of FMDQ Exchange.

Bond To Support Housing Finance Expansion

According to the statement, proceeds from the bond issuance will be used to strengthen NMRC’s refinancing operations and increase long-term funding support for primary mortgage lenders across the country.

The initiative is also expected to support the Federal Government’s broader agenda of improving housing affordability and accessibility for Nigerians across different income levels.

NMRC, established in 2013 and operational since 2014, serves as Nigeria’s apex mortgage refinancing institution regulated by the Central Bank of Nigeria.

The company provides liquidity support to mortgage lenders to encourage affordable homeownership nationwide.

Investors Show Strong Confidence

Managing Director of NMRC, Kehinde Ogundimu, described the strong investor response to the bond issuance as a reflection of confidence in the company’s business model and housing finance mandate.

“The successful execution of this transaction enables us to further support mortgage lenders with long-term funding and advance our objective of improving access to affordable housing finance,” he said.

Chief Executive Officer of Stanbic IBTC Capital Limited, Oladele Sotubo, also noted that the oversubscription highlighted growing investor appetite for structured fixed-income instruments within Nigeria’s debt capital market.

FMDQ Highlights Role Of Capital Market

Group Chief Operating Officer of FMDQ Group Plc, Tumi Sekoni, said the listing demonstrates the importance of long-term debt instruments in mobilising capital for strategic sectors such as housing.

According to her, housing finance remains essential to inclusive economic growth and sustainable development.

She added that FMDQ Exchange remains committed to providing a transparent and efficient marketplace that connects issuers with investors while strengthening Nigeria’s financial markets.

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