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By Chukwuma Umeorah
Nigerians will be able to buy shares in Dangote Petroleum Refinery and Petrochemicals FZE with as little as N5,250 when the proposed Initial Public Offering (IPO) opens, as the company sets the minimum subscription at 10 ordinary shares priced at N525 each.
The Chief Executive Officer of Dangote Group, Alhaji Aliko Dangote, disclosed this at the signing ceremony for the IPO in Lagos, saying the offer was designed to allow ordinary Nigerians to participate in the ownership of the 650,000 barrels-per-day refinery.
“In this IPO, we intend to raise just a bit more than N2 trillion, which I am sure is too small, at an offer price of N525 with a minimum subscription of only 10 shares (N5,250) to fund our expansion of the refinery,” Dangote said.
The proposed offer comprises 4.1 billion ordinary shares and is targeting N2.15 trillion, which the company plans to use to fund the next phase of expansion of the refinery located in Lekki, Lagos.
Dangote said the decision to set a relatively low minimum subscription was aimed at broadening participation in the offer and enabling more Nigerians to become shareholders. He described the offer as an IPO for the people, stressing that ownership would not be restricted to a particular category of investors.
“There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action,” Dangote added.
The proposed IPO follows approval by the Securities and Exchange Commission (SEC) on September 5, 2026, clearing the way for the public offer. The refinery has already raised funds from the capital market and other financing arrangements ahead of the proposed offer. In July 2026, it raised $2.5 billion through a private placement, while in August it secured a $1 billion underwriting programme comprising a funded $600 million placement and a $400 million commitment.
The IPO is expected to further change the ownership structure of the refinery by opening its equity to public investors and paving the way for its proposed listing on the Nigerian Exchange. Dangote said the offer price was deliberately structured to encourage wider participation and support long-term savings through equity investment.
The refinery has also become an increasingly important source of refined petroleum products for the domestic market. In May, it was reported to have supplied an average of 41.5 million litres of petrol per day at 101.25 per cent capacity utilisation.
Beyond the domestic market, the refinery has expanded its exports of refined petroleum products, shipping 456,000 tonnes through 12 cargoes to Côte d’Ivoire, Cameroon, Tanzania, Ghana and Togo. With the proposed public offer, the company is seeking to raise more than N2 trillion for expansion while transferring part of the ownership of the refinery from private hands to public shareholders.
